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Largest US Credit Union Scrutinized Over Significant Gaps Between Approval Rates for White and Black Borrowers

NNPA NEWSWIRE — Navy Federal approved a higher percentage of applications from white borrowers earning less than $62,000 annually than Black borrowers earning $140,000 or more.
The post Largest US Credit Union Scrutinized Over Significant Gaps Between Approval Rates for White and Black Borrowers first appeared on BlackPressUSA.

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By Stacy M. Brown
NNPA Newswire Senior National Correspondent
@StacyBrownMedia

Navy Federal Credit Union, the largest credit union in the United States, is under fire for exhibiting the most substantial racial disparities in mortgage approval rates among major lenders. The disparities, reaching new heights in 2022, underscored a pronounced contrast in approval rates for white and Black borrowers. Recent Consumer Financial Protection Bureau data indicated that Navy Federal approved over 75% of white applicants for new conventional home purchase mortgages in 2022. In stark contrast, the approval rate for Black borrowers applying for the same type of loan was less than 50%. The nearly 29-percentage-point gap in approval rates at Navy Federal stands out as the widest among the top 50 lenders originating the most mortgage loans last year.

Even when considering similar incomes and debt-to-income ratios, the racial disparity persisted. Navy Federal approved a higher percentage of applications from white borrowers earning less than $62,000 annually than Black borrowers earning $140,000 or more. A detailed statistical analysis conducted by CNN revealed that Black applicants to Navy Federal were more than twice as likely to be denied compared to white applicants, even when multiple variables, including income, debt-to-income ratio, property value, downpayment percentage, and neighborhood characteristics, were identical.

Navy Federal, initially founded in 1933 to serve Navy employees and now open to all armed forces members, Department of Defense personnel, veterans, and their relatives, boasts about 13 million members and holds over $165 billion in assets. Last year, the credit union rejected approximately 3,700 Black applicants for home purchase mortgages, potentially impeding their path to homeownership, notably as interest rates spiked. Bill Pearson, a spokesperson for Navy Federal, defended the credit union’s lending practices. “Navy Federal Credit Union is committed to equal and equitable lending practices and strict adherence to all fair lending laws,” Pearson stated. However, experts in mortgage lending and advocates for fair housing express concerns about the institution’s practices, emphasizing that the racial gaps in approval rates raise questions about Navy Federal’s commitment to fairness.

The widening gap in homeownership rates between white and Black Americans, exemplified by Navy Federal’s 2022 approval rates of 77.1% for White applicants, 55.8% for Latino applicants, and 48.5% for Black applicants, mirrors a broader national issue. In comparison, other major lenders like Wells Fargo, US Bank, and Bank of America exhibit smaller racial approval rate gaps. CNN reported that advocates have urged lenders to improve automated underwriting systems to reduce racial disparities in decision-making. Some experts pointed out that Navy Federal’s unique member base may have different financial characteristics than large banks, potentially influencing the observed racial differences.

While federal regulators review banks’ lending under the Community Reinvestment Act, the network reported that credit unions like Navy Federal are not subject to the same scrutiny. Calls for legal revisions to ensure credit unions adhere to similar rules as banks have continued.

Sara Pratt, a lawyer at Relman Colfax, noted that racial disparities in mortgage lending may also be linked to loan officers assisting white borrowers more than Black ones. Despite having no evidence of such practices at Navy Federal, Pratt emphasized that the approval rate gaps demand explanations from the lender. Federal law stipulates that lenders can be in violation of fair lending rules without intentional racism, as a “disparate impact” on minorities can lead to discrimination claims. This is not the first time Navy Federal has faced scrutiny over racial disparities, as a previous analysis in 2019 indicated significant gaps. This trend appears to have only intensified since then.

The post Largest US Credit Union Scrutinized Over Significant Gaps Between Approval Rates for White and Black Borrowers first appeared on BlackPressUSA.

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Jovita Moore Mural Still Has Not Been Repainted in Grant Park

ATLANTA VOICE — A mural depicting late journalist Jovita Moore, painted on the exterior wall of a building now occupied by Bellwood Coffee in Grant Park, was painted over in April. Moore passed away in 2021 after decades of working in Atlanta television news. Bellwood Coffee owners stated in May they were unaware of Moore’s identity or significance to the community before painting over the mural.
The post Jovita Moore Mural Still Has Not Been Repainted in Grant Park appeared first on BlackPressUSA.

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Jovita Moore Mural Still Has Not Been Repainted in Grant Park

At the corner of Boulevard, SE. and Rosalia St., SE., directly across the street from an abandoned home and a Methodist Church, is Bellwood Coffee. One of hundreds of coffee shops in Atlanta, this place of business would not be worth a solitary discussion if not for the way its exterior walls are currently painted. There was once a mural depicting the late Jovita Moore, a beloved journalist who worked in Atlanta for decades. Moore, who passed away in 2021, mentored many of the people you see on television newscasts today. Though her legacy will never be forgotten, it was the mural of her image that was erased.

In April, members of the Grant Park community voiced their disgust at the mural, which graced a side wall of the building now occupied by Bellwood Coffee’s Grant Park location, before it was painted over. In its place are the words “Bellwood Coffee; Cocktails, Biscuits, Dry Goods, Air Conditioning. *Heat Too”. In May, the business owners responded to the community pushback on social media by acknowledging they did not know who Moore was before painting over her image. And later admitted that they did not attempt to find out what she meant to the community.

On May 21, the Bellwood Coffee Instagram account had a post about being “in close contact with Jovita’s family and are actively working on next steps in this process.” Two months later, the mural has not been replaced, repainted, or repositioned on the property. Nothing has been done. Black history is often erased, most recently by the current Presidential administration, but oftentimes on a smaller, quieter scale. The mural was originally painted by muralist Tommy Bronx, who had been in contact with the business owners about repainting it. As of July 6, Tommy Bronx had responded to a direct message via his Instagram account from The Atlanta Voice about any updates on his plans to repaint the mural.

“We’re currently working on it. You should see some movement in the weeks to come,” he wrote in a response.

On Monday, July 6, the business had several patrons inside and was running smoothly with three employees manning the counter. The Atlanta Voice dropped by Bellwood Coffee to get a look at the exterior wall where the mural once stood as a memorial to a journalist and mother who lost her life to brain cancer at the young age of 54. Moore’s image added some color to the block. The grey wall in its place does not.

A direct message was sent to the Bellwood Coffee Instagram account, and there hasn’t been a response as of 7 p.m. on Monday.

The post Jovita Moore Mural Still Has Not Been Repainted in Grant Park appeared first on The Atlanta Voice.

Based on reporting by Atlanta Voice.



The post Jovita Moore Mural Still Has Not Been Repainted in Grant Park appeared first on BlackPressUSA.

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‘Proud to Hang Her from a Tree’: Man Arrested for Threatening Black Senator

ATLANTA DAILY WORLD — A New York man faces felony hate crime charges for allegedly posting a threat against New York State Senator Lea Webb. James A. Crosby, 49, of Binghamton, was arrested by New York State Police after investigators determined he posted a threatening comment on a social media news post about a Juneteenth celebration.
The post ‘Proud to Hang Her from a Tree’: Man Arrested for Threatening Black Senator appeared first on BlackPressUSA.

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A New York man is facing felony hate crime charges after allegedly posting that he’d be “proud to hang” New York State Senator Lea Webb from a tree in response to a news story about a Juneteenth celebration.

James A. Crosby, 49, of Binghamton, was arrested June 23 by New York State Police after investigators determined he posted a threatening comment on a WBNG 12 News Facebook post. “I’d be proud to hang her from a tree,” Crosby wrote, according to WBNG.

Crosby was charged with making a terroristic threat as a hate crime, a class C felony, per the New York State Police. He is currently being held at Broome County Jail.

During the subsequent investigation, state police found Crosby was in illegal possession of firearms despite being prohibited from owning them due to a prior felony conviction. Investigators recovered a rifle, a large-capacity ammunition feeding device, and a firearm suppressor — all prohibited under New York state law, per the NYSP.

Crosby was charged with four additional counts of criminal possession of a weapon in the third degree, all class D felonies.

Webb, who represents New York’s 52nd Senate District, had been a featured speaker at a Juneteenth flag-raising ceremony at Binghamton City Hall, where the celebration included prayers and the singing of the Black national anthem.

Police said Crosby’s comment was posted in response to a WBNG news story covering the event.

The day before his arrest, Crosby posted a Facebook apology claiming the comment “was not intended to be racial in any way” and was made in reference to what he described as a “criminal,” citing criticism of Webb over her use of nonprofit legal aid in a foreclosure case — a matter state watchdogs said created an appearance of a conflict of interest, per the Ithaca Voice. He was arrested the following day.

Webb issued a public statement June 25 condemning the threat.

“It was extremely disappointing and hurtful to see the now-deleted threat and attacks on my life in response to a story about Juneteenth, a national holiday that recognizes the ending of slavery in America,” she said. “Feedback and thoughts on policy are one thing, but to make a public call for lethal violence is absolutely unacceptable and dangerous. We must recognize our shared humanity and reject violence in all forms.”

She thanked Gov. Kathy Hochul, Senate Majority Leader Andrea Stewart-Cousins, and law enforcement for their “swift response.”

Following Crosby’s comments, social media users called for a boycott of his contracting business, Crosby Home Improvements.

The Binghamton City Democratic Committee also called for an investigation into the incident before his arrest.

The Black Information Network is your source for Black News! Get the latest news 24/7 on The Black Information Network. Listen now on the iHeartRadio app or click HEREto tune in live.

The post ‘Proud to hang her from a tree’: Man arrested for threatening Black Senator appeared first on Atlanta Daily World.

Based on reporting by Atlanta Daily World.

The post ‘Proud to Hang Her from a Tree’: Man Arrested for Threatening Black Senator appeared first on BlackPressUSA.

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CARICOM: Strengthen Integration for Future Generations

NEW YORK CARIB NEWS — Outgoing CARICOM Chairman Terrance Drew called on regional leaders to build a stronger and more effective Caribbean Community that benefits future generations. Speaking at the 51st Regular Meeting, Drew urged modernization of governance structures and improved implementation of Community decisions to make CARICOM safer and more prosperous.
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Outgoing Caribbean Community (CARICOM) Chairman and Prime Minister of Saint Kitts and Nevis, Terrance Drew, has called on regional leaders to build a stronger, more effective CARICOM that delivers greater benefits for future generations.

Speaking Sunday at the opening of the 51st Regular Meeting of the Conference of Heads of Government in Saint Lucia, Dr. Terrance Drew said the region must modernize its governance structures, improve the implementation of Community decisions, and ensure CARICOM becomes safer, more prosperous, and more relevant to the lives of its citizens.

The meeting, being held under the theme “CARICOM: From Resilience to Renewal in a Changing World,” coincides with the Community’s 53rd anniversary. During the ceremony, Dr. Drew formally handed over the rotating CARICOM chairmanship to Saint Lucia’s Prime Minister, Philip J. Pierre.

Reflecting on his six-month tenure as chairman, Drew praised fellow regional leaders for maintaining their commitment to democracy, good governance, unity, and the rule of law despite mounting global economic and geopolitical challenges.

“Throughout these challenges, CARICOM chose engagement over isolation. Together, we reaffirmed our commitment to a fair and rules-based international trading system and ensured that the interests of small developing states continued to be heard.”

He highlighted progress made in strengthening the CARICOM Single Market and Economy, including deeper trade cooperation, expanded labour mobility, and efforts to lay the foundation for long-term economic growth. Drew also noted the Community’s growing partnerships beyond the Caribbean, particularly with the African Union, while stressing that every international partnership should advance the interests of all parties involved.

The outgoing chairman also expressed appreciation to Dr. Carla Barnett and the CARICOM Secretariat for their professionalism and unwavering support during his tenure.

“Whenever I called, you answered. Whenever support was required, you and your team responded with diligence, competence, and excellence.”

Dr. Drew urged the Secretariat to continue preserving its impartiality while faithfully implementing decisions made by Heads of Government, saying that balance has helped strengthen the regional integration movement.

The conference continues in Saint Lucia with regional leaders expected to deliberate on key issues including regional security, climate resilience, trade, economic integration, food security, Haiti, reparations, and strengthening the CSME.

Based on reporting by New York Carib News.



The post CARICOM: Strengthen Integration for Future Generations appeared first on BlackPressUSA.

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