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

VIENNA, Va.--(BUSINESS WIRE)--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 3^rd 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.

About Navy Federal Credit Union: Established in 1933 with only seven members, Navy Federal now has the distinct honor of serving 13 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, veterans, civilian and contractor personnel, and their families. Dedicated to its mission of service, Navy Federal employs a workforce of 24,000 and has a global network of over 350 branches. For more information about Navy Federal Credit Union, visit navyfederal.org. Federally insured by NCUA. Equal Opportunity Employer.