The Biden administration is moving to force financial institutions to forego typical loan qualifying requirements when dealing with illegal immigrants.
Concerns have been expressed that the loan qualification guidelines will lead lenders to incur losses that will be passed on to American citizens.
Overriding the concerns, the Equal Credit Opportunity Act (ECOA), the Justice Department and the Consumer Financial Protection Bureau (CFPB) issued a joint statement on Wednesday, warning financial institutions that “all credit applicants are protected from discrimination on the basis of their national origin, race and other characteristics covered by the (ECOA), regardless of their immigration status.”
The Department of Justice Office of Public Affairs issued a statement noting that “consumers have reported being rejected for credit cards as well as for auto, student, personal and equipment loans because of their immigration status, even when they have strong credit histories and ties to the United States and are otherwise qualified to receive the loans.”
Hellbound and Down 