Published On Dec 22, 2023
CNN’s analysis showed that Navy Federal Credit Union approved more white borrowers who were making less than $62,000 a year than it did black borrowers who were making $140,000 a year or more. Texas business owner Bob Otandi was a casualty of this blatant racial disparity.
I know what some of you are thinking, especially those of you who when it comes to identifying racism like to reacccccccchhhhhh for any other conclusion but that one. You’re thinking, it’s not racism, those black people just weren’t qualified.
For background Navy Federal is the largest credit union in the country. They service military members, defense personnel, veterans and their families. It was founded in 1933, has 13 million members and has $165 billion in assets.
Institutionalized racism in lending and home ownership has not only been one of white supremacy’s biggest weapons. But it also has been one of the biggest barriers to black people attaining generational wealth.
Let me learn from you.
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Award-winning journalist and culture critic Jemele Hill interviews the most compelling figures in news, pop culture, politics and sports. Expect unbothered and unfiltered conversations.