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October 16, 2023
Biden's DOJ Warns American Banks Not to Reject Illegal Immigrants’ Loan Applications
In case the alien invasion was not bad enough, the Biden administration has warned financial institutions that they can’t reject illegal immigrants’ credit applications based solely on their immigration status.
In a joint statement with the Consumer Financial Protection Bureau (CFPB), the DOJ issued the warning last Thursday and said that illegal immigrants have filed complaints about credit application rejections.
The agencies allege 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.”
You definitely see how entitled illegals are these days when they feel they are guaranteed the right to just go and file a complaint with the DOJ like that.
They also claimed that the provisions of the Equal Credit Opportunity Act (ECOA) protect against discrimination based on national origin.
“Fair access to credit is crucially important for building wealth and strengthening household financial stability,” CFPB Director Rohit Chopra said. “The CFPB will not allow companies to use immigration status as an excuse for illegal discrimination.”
The agencies cautioned against “unnecessary or overbroad reliance” on immigration status.
“[W]hile ECOA and Regulation B do not expressly prohibit consideration of immigration status, they do prohibit creditors from using immigration status to discriminate on the basis of national origin, race, or any other protected characteristic.”
They added, “Immigration status may broadly overlap with or, in certain circumstances, serve as a proxy for these protected characteristics.”
Regulation B provides rules for evaluating applications. It also lists immigration status as a valid reason for denying an applicant to assure “creditor’s rights and remedies regarding repayment.”
However, the agencies said that creditors couldn’t discriminate on the basis of citizenship status unless they could prove concerns regarding repayments because they claimed no explicit permissions existed.
The joint statement concluded by saying that illegal immigrants have the same rights and protections under the law as citizens.
“ECOA’s prohibition of national origin discrimination and Section 1981’s prohibitions complement one another and that discrimination that arises from overbroad restrictions on lending to noncitizens may violate either or both statutes,” according to the statement.
I was always under the impression that breaking the law was grounds enough to deny a credit application. You would think that also implies immigration laws, as at least to my knowledge, unlawful entry is often a felony.
I do not see how it is possible for a financial institution to be held to account for denying a loan to someone with an identity that cannot be verified.
What is to stop them from getting the loan and heading back over the border to never be heard from again?
And what would happen if that were to happen? You know, if they massively default, would this come at everyone else's expense?
And it really isn't even about “immigration status.” It is about the trust of people paying back the loans.
Remember when the feds pressured banks to give home loans to people who couldn't afford them, which led to the financial crisis of 2008? Well, that definitely could not happen here.
But you know, according to progressives, not giving money to total strangers, is racist, or whatever.