The Biden government has informed banks and other financial institutions in the United States that they cannot reject credit claims made by illegal migrants due to their immigration status.
Biden’s Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) warned banks of the unlawfulness of rejecting loans or credit applications because “consumers have reported being rejected for credit cards as well as for auto, student, personal and equipment loans because of their immigration status…”
The DOJ and CFPB have claimed denying finance to illegal migrants would constitute a breach of the Equal Credit Opportunity Act (1974), which prohibits discrimination based on characteristics, including race, religion, sexual orientation, and national origin, among other things.
Financial institutions may only consider one’s immigration status when considering the “creditor’s right regarding repayment.” Creditors and lenders will break the law if they consider it in any other capacity as a result.“Lenders should not deny […]
Read the Whole Article From the Source: thenationalpulse.com
