Black and Latino applicants were more likely to be denied than white applicants
Nearly 27,000 Nevadans are members of the Navy Federal Credit Union
Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) joined Senators Sherrod Brown (D-Ohio), Ron Wyden (D-Ore.), Jack Reed (D-R.I.), and Senate colleagues in calling on the Department of Housing and Urban Development (HUD) and the Consumer Financial Protection Bureau (CFPB) to review the concerning gap in mortgage approval rates between white applicants and Black and Hispanic applicants at Navy Federal Credit Union. This letter comes after reporting that Navy Federal was more than twice as likely to deny a home loan from a Black applicant and Hispanic applicants were nearly 85 percent more likely to be denied compared to white applicants.
Navy Federal, the nation’s largest credit union, has nearly 27,000 Nevada members who are servicemembers of all military branches, veterans, Department of Defense civilian employees, and their relatives.
“When denial rates for Black and Hispanic applicants at one institution appear to be drastically higher than the national average and higher than their rates for similarly situated white borrowers, it raises questions about whether its mortgage lending practices comply with federal fair housing and fair lending laws and regulations,” the Senators wrote. “Navy Federal’s members have made countless sacrifices in their service to our country. We must do all we can to ensure illegal barriers are not placed on their path to homeownership.”
In addition to Senators Cortez Masto, Brown and Reed, the letter was signed by Senators Raphael Warnock (D-Ga.), Tina Smith (D-M.N.), John Fetterman (D-Pa.), Tim Kaine (D-Va.), Chris Van Hollen (D-M.D.), and Bob Menendez (D-N.J.).
You can read the full letter HERE.
Senator Cortez Masto has been a leader in the fight to lower housing costs and keep Nevadans in their homes, and she’s introduced legislation to address prevent housing discrimination against veterans and communities of color. She’s leading the Affordable Housing Bond Enhancement Act and the HOME Reauthorization Act to help more families afford homes. She is also a sponsor of the Affordable Housing Credit Improvement Act and the Neighborhood Homes Investment Act to help build more affordable housing across the country.