Navy Federal Credit Union: Now…everyone’s problem

The recent news of Navy Federal Credit Union’s obtaining what amounts to a government sponsored 60+ new branches all the while still under investigation for extreme fair lending issues is, by far, one of the most egregious things I’ve seen in the industry in a long long time.

To be fair, NFCU “won” this contract in late 2023 from Bank of America.? BofA is no community bank and I haven’t lost a bit of sleep about them losing this contract.? Furthermore, it’s not like this contract was something that 99% of community banks even have the infrastructure to service.? That’s not really the point.

The point is rewarding discrimination.? The point is turning a blind eye to discriminating against minorities for no valid credit reason.? The point is all of this is subsidized by me and you because they don’t pay taxes.

We know that story about credit unions…but what should motivate us all to gather torches and pitchforks and demand an answer is those discriminated against are retired or active duty military personnel and/or their families.?

Read that again and let it sink in.? Those that have volunteered to put themselves in harm’s way for our freedoms and liberties are the ones that a credit union (who claims to be serving these segment of the population) is screwing over…and the government just allowed them to go that deposit base.?

Look, it’s a difficult year.? It’s an election year and the nation is divided along multiple fronts all at the same time.? It is impossible to have a nuanced conversation about anything rational…but…can we not all agree that government sponsored veteran discrimination is important?? It’s bad enough that those that “walk like a duck and quack like a duck” are not treated the same as those that are…but when we are all in the same basic industry (financial intermediation to our local communities) and NFCU does this with, in essence, the government rewarding their behavior…it’s time to speak up.

So…vote accordingly and contact your congressional representation.? I know..you may think they won’t listen and you’re also probably right.? That does not mean we should stop.? Continue the fight!