Data from the Consumer Financial Protection Bureau reveals that Navy Federal approved 48.5% of Black borrowers for a new conventional home purchase mortgage in 2022. In comparison, 77.1% of white borrowers were approved for the same type of loan. The disparity at Navy Federal marks the widest margin among the 50 lenders that produced the most mortgage loans in 2022.

The report also determined that the disparity still exists when comparing white borrowers with Black applicants who had similar incomes. Additionally, the research analyzed other factors such as debt-to-income ratio, property value, downpayment percentage and neighborhood characteristics. Despite the various variables, Black applicants were more than twice as likely to be denied. Navy Federal rejected about 3,700 Black applicants for home purchase in 2022.

Navy Federal spokesperson Bill Pearson issued a statement to defend the credit union.

“Navy Federal Credit Union is committed to equal and equitable lending practices and strict adherence to all fair lending laws,” Pearson said, according to CNN. “Employee training, fair lending statistical testing, third-party evaluations, and compliance reviews are embedded in our lending practices to ensure fairness across the board.”

According to Pearson, CNN’s report “does not accurately reflect” the company’s practices. The spokesperson said the study didn’t account for “credit score, available cash deposits and relationship history with lender.”

Navy Federal was originally created in 1933 to serve Navy employees. The Virginia-based credit union, which serves about 13 million members, is now available for all armed forces members, veterans and their families, and Department of Defense personnel.