Moderate Dems, Hispanic Caucus press Navy Federal and regulators on bias allegations
Groups want answers about possible bias and regulatory responses
Moderate Democrats and members of the Congressional Hispanic Caucus are demanding that Navy Federal Credit Union and financial regulators address allegations that the credit union discriminated against Black mortgage applicants.
In a letter sent to Navy Federal President/CEO Mary McDuffie, members of the moderate New Democrat Coalition and the Hispanic Caucus cite a CNN report on the allegations.
“What, if any, is Navy FCU’s legitimate, non-discriminatory reason to explain the disparities in conventional and VA loans for Black and Latino mortgage applicants as identified in CNN’s investigation?” they wrote in their letter to McDuffie.
They said that any harmed consumers must receive assistance if evidence does show that mortgage applicants were discriminated against. That assistance could include a Special Purpose Credit Program, they wrote.
continue reading »
