statement<\/a> was a reminder to lenders that credit applicants are \u201cprotected on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity Act, regardless of their immigration status.\u201d<\/p>\n\n\n\nThe statement followed reports of consumers being denied credit cards and loans because of their immigration status, even while having established credit in the United States. The statement states that the Equal Credit Opportunity Act allows a creditor to \u201cconsider an applicant\u2019s immigration status when necessary to ascertain the creditor\u2019s rights regarding repayment, creditors should be aware that unnecessary or overbroad reliance on immigration status, including when that reliance is based on bias, may run afoul of the law.\u201d<\/p>\n\n\n\n
CFPB Director Rohit Chopra said, \u201cFair 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.\u201d<\/p>\n\n\n\n
Assistant Attorney General Kristen Clarke of the Justice Department\u2019s Civil Rights Division added, \u201cThis guidance reminds lenders that denying someone access to credit based solely on their actual or perceived immigrant status may violate federal law.\u201d<\/p>\n\n\n\n
The CFPB claims that some institutions have made it policy to deny credit to individuals based on their immigration status, claiming the Equal Credit Opportunity Act provided protection for the credit decision.<\/p>\n","protected":false},"excerpt":{"rendered":"Credit applicants cannot be denied loans solely because of their immigration status, according to a joint statement from…\n","protected":false},"author":1,"featured_media":3212,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[39,28,54],"tags":[],"class_list":{"0":"post-4316","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance","8":"category-independent","9":"category-legislative","10":"cs-entry","11":"cs-video-wrap"},"_links":{"self":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/4316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/comments?post=4316"}],"version-history":[{"count":0,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/4316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media\/3212"}],"wp:attachment":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media?parent=4316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/categories?post=4316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/tags?post=4316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}