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Federal Navy Credit Union Customers
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Navy Federal Credit Union Faces Allegations of Racial Bias in Mortgage Approvals
2023-12-14
Navy Federal Credit Union, serving military members and veterans, faced allegations of racial bias in its mortgage approval process, which relies on automated underwriting technology. In 2022, data revealed significant disparities in loan approvals, with over 50% of Black applicants denied, compared to higher approval rates for white applicants.
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