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The SECU Board of Directors has announced the further expansion of risk-based lending as of November 1, 2023. Chairman Moon and the SECU Board of Directors seem determined to adopt "race-based lending" (RBL) as the basic lending principle for the State Employees' Credit Union.
All SECU members as of November1, 2023 - under race-based lending - are now paying higher credit card and unsecured loan rates (in many cases much, much higher rates if they are in the B, C, D, E tiers!)
The SECU Board is rightfully ashamed of publicly publishing all the interest rates - and the credit score breakpoints - it is now charging SECU members for unsecured loans and credit cards.
😎 Let's see who the SECU Board has set up for the kill with race-based lending:
Here are some average scores from credit bureau files:
✅ Average credit score in U.S. - 716 You'll note that 716 falls in the SECU "B" tier, which means the SECU Board has designed the race-based lending system to smack an extra rate charge on the average SECU member.
✅ Average credit score by race: Here's where the SECU Board clearly favors race-based lending!