Oh, ffs. So banks shouldn’t consider the credit worthiness of someone who may flee the country at any moment – by their choice or not? It really is frustrating for regular middle class Americans who play by the rules and seem to get denied help at every turn. And don’t get me started on the way the government weakens our banking system with these ridiculous mandates and then bails them out with taxpayer money when the banks collapse.
The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) released a joint statement telling financial institutions that while it is not illegal to consider a person’s immigration status in the decision on whether to lend money, an overreliance on it could run afoul of the law, according to the statement. The statement implicates the Equal Credit Opportunity Act (ECOA), which makes it illegal to discriminate on the basis of race, color, religion, national origin, sex and more in considering a person’s credit application as the mechanism, even though the law does list citizenship status as a protected attribute.