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.
“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.”