Last updated on 2023-12-15
Navy Federal Credit Union has some explaining to do. According to a new analysis by CNN, Black applicants are seriously likely to be rejected by the bank even if they meet the requirements.
The Lowdown
Recent statistical analysis of the mortgage application data and approval rates of Navy Federal Credit Union has revealed a concerning trend in relation to the approval rates for Black applicants. The data suggests that there may be a disparity in approval rates for mortgage applications based on race.
According to the analysis, the CU in the report and information used for said analysis found that the bank declined more than half of Black applicants but accepted more than 71% of white applicants. Both groups applied for the same loan per the 2022 information available in the report.
It underscores a common claim by African Americans and Black persons in the United States. Fairness at the bank isn’t always common as the analysis has found — and even if they may be qualified. Navy Federal Credit Union is a military based bank that generally lends to service members and their families.
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