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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