The Trump administration has canceled the Biden administration’s rules forcing banks to ignore immigration status for loan applications.
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.
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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.
“We are correcting the last administration’s attempt to ignore these well-accepted and common-sense principles of our nation’s fair lending laws,” acting CFPB Director Russell Vought said on Monday.
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