Is Navy Federal Credit Union Racist? A Closer Look

Today we are going to cover some HOT news that came out about NFCU mortage approval rates according to CNN. Lets unpack this story to see if NFCU is actually racially discriminating against minorities.

Credit Builders:

Business Credit Lines:

Credit Monitoring

Investment Apps:

Loans:

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[jp-uno]

Then how did he get approved by the other lender in 15 days? 🤷🏿‍♂️🤷🏿‍♂️🤷🏿‍♂️

[dallascowboys-]

They should totally shut them down.
NOT SURPRISED !

[Salsero]

You know, even tho this wasn’t dealing with a mortgage, it was her student loan, I did find it interesting that my wife got denied for a refinance. She never missed a payment and had a 804 credit score. When I asked why they denied her, all I got was ambiguous answers. Racism is the only thing that makes sense.

[damajewels]

He already had a pre-approval…….so it should have been honored !

[DiemNguyen-ldnv]

Don't sugar coat it. Wrong is wrong.

[SkyToddler]

good on you for not shying away from this topic <3

[phillynurse]

Nam I respect you and appreciate you doing the research but it's nothing new with these financial institutions. There's too much competition in the market for AA to put up with their nonsense. We know what time it is and know what to do.

[joelvasquez]

It's about time, they get put on blast, they've denied me as well, I'm Hispanic, I had 798 credit score, DTI was under 30%, Equity in my property, tenants contract showing cash flow, W-2s, and LES. I still got denied. NFCU mortgage department is the worst.

[NeoSoulCrew]

I forgot about the race box when putting in my credit application. Sarcasm...

[donniee.]

Wow. Trying to justify this was just tiresome. I hope it makes sense at the end

[c.w.]

I was really disheartened to hear that report...smh. I've been with NFCU for a few years now, but I'm glad that I just joined Pentagon Federal and another credit union in my local community, as I don't want to put all my eggs in the same basket. Hopefully, when I'm ready to purchase a home, I won't be discriminated against. Unfortunately, there is a loooong documented history of structural racism (Redlining) against black people when it comes to mortgages, and just overall access to housing. You would think we would be past this point by now, especially here in the 21st yet, here we are, still.

[williamwashingtonii]

You must know that Navy Federal has a higher than percentage of Black customers. So that the percent of loans going to Black applicants is in line with the percentage it's customer base. So that is nothing special. Yet the subject in question got financing from another lender in just under two weeks. He already had a relationship with Navy Federal.

[eevdz]

You think someone with a 800 score wouldn’t be stupid enough to apply at 8-9%!

[Ticonderoga]

I wudnt be so quick to claim racism, we need more actual info before passing judgment. Banks are in the business of lending money and each bank has its own criteria. If it's a high risk person to them why chance it? Jus sayin.

[tjiarrikapayne]

I noticed when it comes to discrimination it’s only justified when it comes to Black Americans we can have the best credit and financial structure but we will still be deemed as “uneducated on credit” or we try to “scam and run plays” please stop labeling us like we are animals I am not saying you as the narrator did that but some comments are….however please stop silver lining our discrimination cases I am sure you would notice if your people were being discriminated against “which they have” and you wouldn’t want someone who didn’t look like you trying to silver line the issue happy holidays stay blessed ❤

[Salsero]

If we’re being brutally honest, It certainly didn’t help that the biggest financial literacy platform for African Americans was literally encouraging and teaching black people how to commit bank fraud against navy federal.

[randymarsh]

Take advantage during the apology tour

[pamelacohen]

No Surprise to me 🤦🏾‍♀️🤦🏾‍♀️🤦🏾‍♀️🤦🏾‍♀️

[dantesinfernopurgatory]

If you have expensive items which are priced beyond your means (vehicles, electronics, clothes, jewelry, etc.), chances are your loan application will be rejected because you are over-leveraged (too many financial obligations) in relation to your income. Common sense.

[susanq]

Yes it is toxic racism greed for the employees as well😢