CFPB: DOJ and CFPB Withdraw Joint Statement on Fair Lending and Credit Opportunities for Noncitizen Borrowers
The Consumer Financial Protection Bureau and the Department of Justice (together, the “agencies”) announced today that they have withdrawn a joint statement regarding the implications of a creditor’s consideration of an individual’s immigration status under the Equal Credit Opportunity Act (ECOA). On October 12, 2023, the agencies published a joint statement cautioning that creditor policies…
Joint Statement Issued Cautioning that Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit Applicants
Borrowers report being denied loans because of their immigration status The Consumer Financial Protection Bureau (CFPB) and Justice Department today issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity Act, regardless…