On October 12th, the Biden administration reminded the American people just how utterly inept and hopeless they are. As they continue to roll out the red carpet for illegals at the border, the Consumer Financial Protection Bureau (CFPB) and the Justice Department reminded companies that immigration status is not a legal disqualifier for credit.
In a statement, they quoted the Equal Credit Opportunity Act, which lists a variety of reasons people cannot be disqualified. National origin, race, and other characteristics are listed as reasons someone cannot be denied. They are now lumping in immigration status for these reasons.
The reason for these organizations coming together for the statement is simple. They have been receiving reports of people being denied credit cards, as well as auto, equipment, student, and personal loans. CFPB Director Rohit Chopra said, “Fair access to credit is crucially important for building wealth and strengthening household financial stability. The CFPB will not allow companies to use immigration status as an excuse for illegal discrimination.”
Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division chimed in on the subject as well. “Lenders should not deny people the opportunity to take out a loan to buy a home, build their businesses, or otherwise pursue their financial goals because of unlawful bias and without regard to their actual ability to repay. This guidance reminds lenders that denying someone access to credit based solely on their actual or perceived immigrant status may violate federal law.”
It’s funny. The average American is being prevented from taking loans due to high interest, not having a solid debit-to-income ratio, or collateral to justify the loan. Yet here are federal officials advocating that people who are taking American jobs be loaned money or extended credit with no way to pay it back. Or even some way to enforce making them pay.