The Trump administration has canceled the Biden administration’s rules forcing banks to ignore immigration status for loan applications.
On Monday, the Consumer Financial Protection Bureau and the Justice Department eliminated the Biden guidelines that ordered lenders not to consider immigration status when evaluating loan and credit applications, a rule that had major implications for mortgages, credit cards, and auto loans, Bloomberg reported.
The Biden administration maintained that considering immigration status would violate anti-racism laws that ensure equal and fair lending practices.
The Biden era rules were intended to help anchor illegal and temporary visa workers into Americans’ communities, for example, by providing funds for homes, autos, and apartment leases.
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“This administration is restoring alignment with established federal civil rights law rather than continuing the prior administration’s ideologically-driven departures,” Harmeet K. Dhillon, Trump’s assistant attorney general for the DOJs Civil Rights Division, said.
Not only is Joe Biden promoting the border invasion, he’s demanding that banks help fund it. Today I joined my colleagues in demanding that Biden stop encouraging banks to lend to illegal immigrants. pic.twitter.com/tCeI18PUxa
— JD Vance (@JDVance) November 1, 2023