Navy Federal Credit Union Faces Allegations of Racial Bias in Mortgage Approvals
Description
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.
Actors
Alleged Deployers
- federal-navy-credit-union
Alleged Developers
- unknown-developer-of-automated-underwriting-technology
Harmed Parties
- federal-navy-credit-union-customers
Classification
Risk Domain
Discrimination & ToxicityRisk Subdomain
1.1. Unfair discrimination and misrepresentation
MIT Risk Profile
Topics
Source
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