| As First Tech and
Digital Credit Unions Seek to
Merge Disparate Lending Ignored
by NCUA
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH
BRONX, Oct 4
– Two tech-focused credit
unions announced this week
they intend to merge, if they
get approval from the National
Credit Union Association.
Digital
Federal Credit Union is based
on the East Coast, and First
Tech is on the West Coast,
wanting to follow Microsoft
into Atlanta, and Amazon into
northern Virginia.
But what
are their lending records?
According to 2023
Home Mortgage Disclosure Act
data reviewed be Fair Finance
Watch, nationwide in 2023,
First Technology Credit
Union made 1532 mortgage
loans to whites, and only 41
loans to African Americans.
Meanwhile it denied only 368
applications from whites, and
fully 37 from African
Americans.
Digital
Federal nationwide in 2023
made 2196 mortgage loans to
whites, and only 178 loans to
African Americans. Meanwhile
it denied only 1122
applications from whites, and
fully 261 from African
Americans.
These disparities should
result in the denial of the
proposed merger. But credit
unions are for now not subject
to the Community Reinvestment
Act, and NCUA refuses to
consider such issues. Watch
this site
***
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