Oliver v. Navy Federal Credit Union

CourtDistrict Court, E.D. Virginia
DecidedMay 30, 2024
Docket1:23-cv-01731
StatusUnknown

This text of Oliver v. Navy Federal Credit Union (Oliver v. Navy Federal Credit Union) is published on Counsel Stack Legal Research, covering District Court, E.D. Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Oliver v. Navy Federal Credit Union, (E.D. Va. 2024).

Opinion

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF VIRGINIA Alexandria Division LAQUITA OLIVER, et al., ) Plaintiffs, v. 1:23-cv-1731 (LMB/WEF) NAVY FEDERAL CREDIT UNION, Defendants. MEMORANDUM OPINION This proposed consolidated class action involves allegations that defendant Navy Federal Credit Union (“defendant” or “Navy Federal”) “systematically discriminates against African Americans, Latinos, Native Americans, and other racial minorities by denying mortgage applications that would have been approved for similarly situated [w]hite Americans.” [Dkt. No. 56] (“Consolidated Class Action Complaint,” hereinafter “Complaint” or “Compl.”) at 7 1. The Complaint alleges that Navy Federal’s mortgage underwriting policies have had a disparate impact on minority loan applicants and that Navy Federal’s refusal to correct those discrepancies constitutes intentional discrimination. Based on these allegations, nine plaintiffs—who are proceeding on behalf of themselves and a putative class of others similarly situated—bring claims under federal and state civil rights laws. Before the Court is Navy Federal’s Motion to Dismiss the Consolidated Class Action Complaint pursuant to Fed. R. Civ. P. 12(b)(6) for failure to state a claim upon which relief can be granted. [Dkt. No. 69] (“Motion to Dismiss”). Oral argument has been held, and for the reasons that follow, the Court will grant in part and deny in part defendant’s Motion to Dismiss and strike the proposed class.

I. BACKGROUND Plaintiffs Bob Otondi, Dennis Walker, Charles Gardner, Marie Pereda, Laquita Oliver, John Jackson, Carl Carr, Constantina Batchelor, and Christina Hill (collectively, “plaintiffs”) bring this civil action individually and on behalf of other members of a putative class of similarly-situated applicants who applied for original residential purchase mortgages, refinancings, and home equity lines of credit, and were either denied financing or offered financing at less favorable terms than they initially sought. According to the Complaint, defendant Navy Federal is a member-owned, not-for-profit credit union that provides financial services to members of the military, veterans, and their families. [Dkt. No. 56] (“Compl.”) at JJ 6, 32. It is the largest credit union in the United States, with more than 13 million members, and it has a mortgage lending portfolio valued at over $84 billion. Compl. at J] 5-6, 65. In 2022, Navy Federal closed nearly 50,000 mortgage loans worth $16.5 billion. Compl. at { 65. Like all mortgage lenders, Navy Federal is required to submit data to the Consumer Financial Protection Bureau under the Home Mortgage Disclosure Act (“HMDA”). Compl. at 4769. In turn, some of the HMDA data, in an anonymized form, is released annually to the public; other aspects of the data are kept confidential, available only to federal regulators. Compl. at § 78. For example, the published HMDA data accessible to the public does not include applicants’ credit scores and precise debt-to-income (“DTI”) ratios. See Home Mortgage Disclosure (Regulation C), 80 Fed. Reg. 66128, 66134 (Oct. 28, 2015). In support of their claim that Navy Federal discriminates against minority loan applicants, plaintiffs rely on three independent reports analyzing Navy Federal’s publicly- available HMDA data. In August 2021, The Markup—an investigative journalism

organization—analyzed the public 2019 HMDA data and identified financial institutions which had significant racial disparities in mortgage lending. Navy Federal was identified as one such lender. Compl. at § 73. The Markup analysis, which controlled for seventeen independent variables in the publicly-available HMDA data, found that Navy Federal was more than twice as likely to deny Black applicants who applied for mortgages as compared to similarly situated white applicants. Compl. at { 73. In November 2022, the National Credit Union Administration (““NCUA”)—a credit union regulator—published research using publicly-available 2020 and 2021 HMDA data to assess racial and ethnic disparities in mortgage lending by credit unions. Compl. at 70. That research “control[led] for credit risk characteristics,” and found that—even after taking credit scores into consideration—credit unions denied mortgages to minority applicants at rates up to 1.9 times higher than similarly qualified white applicants. Compl. at 71. On December 14, 2023, CNN released a statistical analysis of Navy Federal’s publicly- available 2022 HMDA data. Compl. at Jf 2-4, 74-81. Controlling for more than a dozen variables, Black applicants were found to be more than twice as likely to be denied a loan by Navy Federal compared to equally qualified white applicants. Compl. at {J 4, 74. Equally qualified Latino applicants were approximately 85% more likely to be denied than similarly situated white applicants. Compl. at § 4, 74. Navy Federal offered loans to only 48% of Black applicants, and only 56% of Latino applicants, but approved 77% of white applicants. Compl. at 2, 76. In 2022, Navy Federal was more likely to issue a mortgage to a white applicant earning

less than $62,000 per year than a Black applicant making more than $140,000 per year. Compl. at 44 3, 77.! With these statistical analyses in the public domain, the Complaint alleges that Navy Federal has engaged in racial discrimination by denying plaintiffs’ loan applications or offering plaintiffs a loan product on less favorable terms. The following tables, which were compiled by defendant in its Motion to Dismiss, accurately summarize the Complaint’s allegations regarding plaintiffs’ applications: Bob Otondi Dennis Constantina John Jackson | Laquita Oliver ° Walker Batchelor fee (Re [Sin [Sn [Se [Sin — American American American American American Loan First VA cash-out . . □ “exceeding “more than “ □ Income $100,000 $100,000” $140,000” Not alleged over $95,000 “above 700” | “above 620” “above 700” “above 700” “above 650” [Debt | “‘minimal”__| Notalleged Not alleged | “minimal” __| Not alleged | | Charles Gardner Christina Hill American Eile [Freee [veinonwe [eee [ee Product First mortgage VA first mortgage refinance First mortgage “several hundred $92,000 More than $130,000 thousand dollars | $80,000 with spouse ” per year sapproximately “above 620” “above 650” Not alleged “minimal outstanding |... . “minimal debt □□ minimal debt, as debt obligations aside from obligations, Debt Not alleged consisting of minimal existing mortea including car loan credit card debt and a lean” g Base | and $10,000 in car loan” credit card debt

' The CNN article states that it did not account for credit scores “because the public data released under the [HMDA] does not include credit scores due to privacy concerns.” [Dkt. No. 69] Ex. 1. CNN also acknowledged that any potential disparity “could possibly be explained by differences in credit scores between [w]hite and minority borrowers,” which are a result of “historical discrimination and a continuing lack of access to traditional financial institutions ....” [Dkt. No. 69] Ex. 1.

As these tables show, each named plaintiff applied to Navy Federal for at least one home loan product, although different plaintiffs applied for different products. For example, some plaintiffs applied for a first-lien mortgage, while others applied for a Veterans Administration backed loan, and yet others applied to refinance an existing loan. All but plaintiff Batchelor allege that their loan applications were denied; Batchelor alleges she was approved at a higher interest rate. The Complaint does not allege the amount of the mortgage sought or the value of the home for which the plaintiffs sought the mortgage (the “loan-to-value ratio” or “LTV”). Plaintiff Otondi provides the available down payment, “more than 20 percent of the sales price of the home,” Compl.

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Bluebook (online)
Oliver v. Navy Federal Credit Union, Counsel Stack Legal Research, https://law.counselstack.com/opinion/oliver-v-navy-federal-credit-union-vaed-2024.