Wednesday, November 15, 2023

SECU Turns "The Screw" On Members - With Expansion Of Race-Based Lending: Happy Thanksgiving! #13


      A      B      C      D     E

    👍     👎     👎    👎    👎 

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.

But here, as long as you won't tell anybody, are those "secret tiers"  for race-based lending at SECU: A - 720-850,  B - 660-719,  C - 600-659,  D - 540-599,  E - 300-539.

😎 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! 

Average score black folks : 677  (SECU "B" paper) - will be smacked with higher rates!
Average score white folks:  734  (SECU "A" paper) - will receive most favorable rate without surcharge.
Average score by age: Discrimination against the young too! - a double whack in the almost SECU "C" tier!
Average credit score for folks in 20's: 660 (SECU "B" - minus, minus! paper)
Average credit score for folks in 70's: 754 (SECU "A" paper)

Average score by gender: And for good measure let's whack the ladies while we're at it with a "B" score!
Average credit score for females: 708 (SECU "B" paper)
Average credit score for males:    720 (SECU "A" paper)
😎 If the credit bureaus really don't know the race, age, gender of borrowers and aren't aware of the discriminatory profiling built into their credit scores...
... how are they able to compute the credit score of an average borrower by race, age, and gender? 
Just another "wink, wink" dog whistle for North Carolina?