NCUA Chairman renews call to strengthen fair lending enforcement
Citing just-released research showing minority credit union members were more likely to be denied mortgages, NCUA Chairman Todd Harper on Wednesday renewed his call for additional staff and resources for fair lending examinations.
“The NCUA completed only 68 fair lending examinations and reviews in 2021, which represents just over two percent of all federal credit unions,” Harper said in a speech opening the agency’s DEI and ACCESS Summit. “And yet, at the end of 2021, the NCUA had identified 64,000 credit union members subjected to potentially discriminatory practices.”
He added, “That’s why the NCUA must continue to enhance its fair lending program as part of ongoing efforts to strengthen the agency’s consumer financial protection oversight.”
Using figures from the Home Mortgage Disclosure Act, NCUA economists found that minority borrowers were between 1.2 to 1.29 times more likely to be denied mortgages than White borrowers.
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