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Navy Federal Credit Union AI failures

Every documented AI failure involving Navy Federal Credit Union on the AI Failure Index, classified by the mechanism that broke.

Failures
1
Highest severity
High
Span
2023
Failure modes
1
By failure mode
By severity
FI-0680Retail BankingHigh
Policy Violation

Navy Federal Credit Union facing allegations of racial bias in automated mortgage underwriting

Navy Federal Credit Union faces a class action lawsuit alleging systemic racial discrimination in mortgage lending. The lawsuit claims a semi-automated underwriting algorithm led to denial rates of 52% for Black and 44% for Latino borrowers, compared to 23% for white applicants.

Confidence
Medium (multi-source)
Navy Federal Credit Union3 sourcesPressPublicDec 2023

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