When autocomplete results are available use up and down arrows to review and enter to select.
The fallout of reports on discriminatory lending at Navy Federal Credit Union continued Wednesday with new congressional leaders seeking an inquiry.
Latest Response: The New Democrat Coalition and Congressional Hispanic Caucus sent separate letters:
Urging federal agencies to investigate CNN’s report on the lender’s racial disparities in mortgage approval rates.
Demanding that Navy Federal answer questions about the report.
Previous Inquiries: The letters are the latest in a series of congressional inquiries, with House Financial Services Committee Democrats recently urging Chairman Patrick McHenry (R-N.C.) to hold a hearing on the report. ICBA last month urged congressional committees to convene a broader hearing on credit union lending practices and oversight.
Third-Party Oversight: Credit union policy has continued to make headlines with National Credit Union Administration Chairman Todd Harper separately saying his agency’s lack of oversight of third-party providers is an “Achilles’ heel.” As ICBA has told Congress, it supports allowing the NCUA to directly examine and regulate third-party providers.
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 NCUA’s lax oversight. Additional resources on credit union policy are available on the ICBA website.