Biden Admin Threatens Banks Who Refuse to Lend Money to Ille

[sunny225]

www.msn.com/en-us/money/companies/biden-admin-threatens-banks-that-refuse-to-lend-money-to-illegal-immigrants/ar-AA1i7MZx?ocid=msedgdhp&pc=U531&cvid=9e6b6b8441494474b9e1f2d99ae40ad7&ei=23


Biden Admin Threatens Banks That Refuse To Lend Money To Illegal Immigrants


The Biden administration released a statement Thursday warning financial institutions against using a person’s immigration status in credit applications.



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.



“Fair access to credit is crucially important for building wealth and strengthening household financial stability,” Rohit Chopra, CFPB director, said in a press release. “The CFPB will not allow companies to use immigration status as an excuse for illegal discrimination.”

More at link.

Another 'multiculturism' failure.

[farmrbrown]

Um....sure.
I don't see a problem with it......until they get deported and leave the lender holding the note that can't be collected because now you have to go through international or foreign courts set up with an entirely different legal system.
What could possibly go wrong?

[Ozarks Tom]

We need to remember that the CFPB was an invention of Sen Elizabeth Warren, set up outside the purview of Congress, and only accountable to itself. Any monies it get from successful lawsuits agains corporations are kept in the CFPB, and spread to non-profits of their choosing. You can guess what bent those non-profits have.

The administration can "warn" all it wants, but any loan officer who gives a loan or line of credit to an illegal alien would be asking next week "do you want fries with that?"

[daw]

A bit off topic but the $6B of Hamas money Biden is keeping with Qauter
,Will he turn it over to the army???

[wildhorseluvr]

Oct 13, 2023 12:42:37 GMT daw said:

A bit off topic but the $6B of Hamas money Biden is keeping with Qauter
,Will he turn it over to the army???

Apparently not. I read this last night:

www.nbcnews.com/politics/white-house/us-qatar-agree-not-release-iran-6-billion-prisoner-swap-rcna120135

[farmrbrown]

Oct 13, 2023 1:04:05 GMT Ozarks Tom said:

We need to remember that the CFPB was an invention of Sen Elizabeth Warren, set up outside the purview of Congress, and only accountable to itself. Any monies it get from successful lawsuits agains corporations are kept in the CFPB, and spread to non-profits of their choosing. You can guess what bent those non-profits have.

The administration can "warn" all it wants, but any loan officer who gives a loan or line of credit to an illegal alien would be asking next week "do you want fries with that?"

Exactly.
And THIS is off topic too, but my question to the prosecutor charging Trump with 'fraudulently inflating the value of his properties' is,....."Isn't that the job of the bank appraiser to determine?"
I can tell the bank I gotta million dollar house in the woods all I want, but one look at it and that check is gonna be missing at least one zero on the end of it, I gare-ron-tee!
lol

[themotherhen]

Oct 13, 2023 0:10:25 GMT farmrbrown said:

Um....sure.
I don't see a problem with it......until they get deported and leave the lender holding the note that can't be collected because now you have to go through international or foreign courts set up with an entirely different legal system.
What could possibly go wrong?

My thoughts exactly!!! Why would a bank want to take that risk? 

[Ozarks Tom]

The absolutely stupid thing about the New York trial about over-valuing property is that not only did the banks have the duty to appraise those properties, but all those loans were paid back with interest. There was no injured party.

Trump is going to be convicted of course, the judge has already said before the trial Trump should be in jail, but it'll be overturned quickly on appeal.

The whole thing can be compared to any private party transaction. If farmrbrown, says his house in the woods is worht $1 million, and I pay it without question, then the house is literally worth one million. Is the government going to swoop in and arrest FB for overvaluing it? Nope, because just like the banks who made loans based on representations those properties instantly became worth the appraisals stated value when the loans were made.