No More Loans for Illegals after Trump Admin Ends Biden Rule

The Consumer Finance Protection Bureau and the Justice Department removed regulations from the Biden era that ordered banks not to consider the immigration status of its borrowers. Under the guise of “anti-racism,” the Biden administration created these regulations. The move by the administration is sure to be challenged in the courts.

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Trump Cancels Biden Rules Forcing Banks to Give Loans to Illegals – Breitbart

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.

But the Trump administration now says the rule went too far and was inappropriate and that considering immigration and residency status does not violate the 1974 Equal Credit Opportunity Act.