Navy Federal Credit Union

820 Follin Lane SE

Vienna, VA 22180

Attn: Mary McDuffie, President and Chief Executive Officer

Dear Ms. McDuffie,

We, the concerned members and owners of Navy Federal Credit Union, are writing in light of the disturbing findings reported by CNN regarding the stark racial disparities in mortgage approval rates. The report, backed by data from the Consumer Financial Protection Bureau, revealed that in 2022, Navy Federal approved 77.1% of White applicants but only 48.5% of Black applicants for conventional home purchase mortgages. This nearly 29-percentage-point gap is notably larger than other major lenders and raises serious concerns about potential underlying biases in our credit union’s lending practices.

The disparity is even more troubling given that it persists among applicants with similar incomes and debt-to-income ratios. For example, White borrowers with incomes less than $62,000 were approved at a slightly higher rate than Black borrowers earning $140,000 or more. This suggests that the issue goes beyond financial qualifications.

Such findings are contrary to the principles of fairness and equality that we, as members of an institution serving those who have served our country, deeply value. We request an immediate, full, and independent investigation into these lending practices. It is crucial to understand the root causes of these disparities and ensure Navy Federal adheres to ethical lending standards.

Should these disparities be confirmed, we expect Navy Federal to take immediate and appropriate action to address and rectify these issues. Upholding the principles of equal opportunity and fair treatment is not just a legal obligation, but a moral imperative, especially for an organization that prides itself on serving our nation’s service members and their families.

We trust Navy Federal will respond with the urgency and seriousness this issue demands.

Signed, members of Navy Federal Credit Union