Consumer Law

Navy Federal Hit With a Class Action Lawsuit Alleging Discrimination After CNN Exclusive Report

The largest credit union in the US is facing new scrutiny over racial disparities in its mortgage lending following a CNN investigative report, with a class-action lawsuit filed Monday alleging the lender discriminated against Black and Latino applicants, and a senior congressional Democrat demanding answers about its practices.

The complaint against Navy Federal Credit Union, filed in federal court in Virginia on Sunday, comes on the heels of CNN’s story, which found the credit union had the widest disparity in conventional mortgage approval rates between White and Black borrowers of any major lender last year.

“When describing its corporate values, Navy Federal claims that it ‘champions community,’ and that it is ‘dedicated…to embracing and celebrating diversity and inclusion in all the communities’ it serves,” the complaint, which cites CNN’s reporting, states. “But Navy Federal’s claims of community support are meaningless in the face of its actions: systematic discrimination in housing, in violation of federal law.”

Read the source article at CNN Business

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