The nation’s largest credit union has the widest racial disparities in mortgage approval rates of any major lender, CNN reported.

Details: Citing 2022 Consumer Financial Protection Bureau data on conventional mortgage loans, CNN said $165-billion-asset Navy Federal Credit Union had racial disparities even among applicants with similar incomes and debt-to-income ratios. It noted that credit unions are exempt from Community Reinvestment Act oversight, unlike banks.

ICBA Response: ICBA shared the article on X and renewed its request that Congress hold hearings on credit unions. In a separate post, ICBA President and CEO Rebeca Romero Rainey cited her recent LinkedIn article responding to Navy Federal’s new “Community Bank” brand and calling on Congress to investigate credit union policies.

Increased Attention: The report follows an October Politico column drawing attention to the lack of regulatory transparency at credit unions, particularly their exemption from overdraft reporting rules. Federal Reserve Governor Michelle Bowman separately said credit union acquisitions of community banks support the case for including credit unions in regulatory policies on proposed bank mergers, as ICBA has advocated.

More on Credit Unions: Amid ongoing credit union acquisitions of community banks, ICBA has:

Grassroots Resources: Community bankers can use ICBA’s Be Heard grassroots action center to call on their members of Congress to hold a hearing on the National Credit Union Administration’s lax oversight. Additional resources—including state fact sheets, a messaging playbook, and a customizable op-ed—are available on the ICBA website.