Staff
Congresswoman Sydney Kamlager-Dove (CA-37), alongside Congressman Steven Horsford (NV-04), and Congressman Emanuel Cleaver, II (MO-05) wrote a letter calling on federal regulators to ensure that Navy Federal Credit Union is adhering to federal fair lending laws following reports of racial disparities in mortgage lending.
The lawmakers wrote:“Navy Federal holds more than $160 billion in assets and serves more than 13 million members including the military, veterans, and their families. While CNN’s analysis does not prove that Navy Federal has discriminated against current and former service members on the basis of race and national origin, it raises significant questions about unexplained and statistically significant underwriting disparities.”
“Because of the asset size of Navy Federal, both the NCUA and CFPB have a legal obligation to supervise Navy Federal for compliance with fair lending laws, to make a referral to the DOJ if they have reason to believe the credit union had engaged in a pattern or practice of discrimination, and to engage in any appropriate supervisory or enforcement action,” the lawmakers continued.
Owning a home stands as a primary pathway for many Americans to build wealth. However, Black Americans have encountered historical barriers that deny opportunities for homeownership and restrict the advantages linked with it. Despite making progress due to legislative measures like the Fair Housing Act, Equal Credit Opportunity Act, and the Civil Rights Act, discriminatory housing policies have endured.
Last month, Congresswoman Kamlager-Dove, Congressman Horsford, and Congressman Cleaver met with Navy Federal CEO Mary McDuffie and other Navy Federal leaders, on behalf of the Congressional Black Caucus, to examine the disparities. Following that meeting, lawmakers are now requesting federal regulators launch a formal investigation into the significant racial disparities in Navy Federal’s mortgage lending.
This announcement comes fresh off Kamlager-Dove’s successful election primary where she leads in her 37th District race with 71% of the vote tallying 35,828 total votes.