As you may be aware, Navy Federal Credit Union, the largest credit union in the country, is making headlines due to an analysis showing significant disparities in their mortgage lending practices.  

A recent CNN article highlighted data from the CFPB, revealing that in 2022, Navy Federal’s approval rate for conventional home purchase mortgages was over 75% for white borrowers but less than 50% for Black borrowers who applied for the same loan. According to the article, many banks also approved white applicants at higher rates than Black borrowers. Per the article, the nearly 29-percentage-point gap in Navy Federal’s approval rates was the widest of any of the 50 lenders that originated the most mortgage loans last year. 

We anticipate that this situation will continue to gain coverage and traction in the media, and this information will likely raise questions among consumers, elected officials, and potentially your members about the equity and fairness of lending within the financial industry. This is a reminder to revisit your talking points about your credit union’s Structure, Value, and Impact (SVI) and to amplify your credit union’s good works through media, advocacy, and member outreach., In addition, you may get asked directly about your Equal Opportunity lending policies and data. Our team is ready to support you in preparing a response if you get a media request. 

This story does not represent the dedication and commitment of GoWest credit unions to serving all members equally through your fair lending practices, but there is an opportunity for all financial institutions to be pulled into the media noise.

We will continue to monitor this story and keep you updated on the latest developments, including your GoWest team stepping in as needed to support our credit unions.

Please let us know what you are hearing from members and if there are any PR support needs. We are here for you.