Navy Federal Credit Union Responds to Allegations Concerning Its Home Lending Practices

We take our responsibility to fair lending very seriously and are closely examining the allegations in the recent CNN article. The statistics in the article do not appear to have considered several key credit criteria that all financial institutions, including Navy Federal, rely on to assess mortgage applications.

We are committed to serve all of our members equally, and extending credit to qualified Black applicants and borrowers is a longstanding hallmark of our success. We are deeply committed to consistent and fair lending policies and practices. We are also a national leader in lending to the Black community, ranking 3rd among the leading 50 lenders in the percentage of mortgage loans made to Black borrowers and first among large lenders. This represents more than $3.5 billion in mortgages to Black borrowers in 2022. This is representative of our longstanding commitment to expanding credit and economic opportunity to Black borrowers.

We treat the recent allegations very seriously, and we have retained a leading civil rights lawyer, Debo P. Adegbile, former commissioner on the United States Commission on Civil Rights, and his team to assess our mortgage lending policies and practices and make recommendations to drive further access to home ownership.