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EXCERPT:
The Trump administration on Monday announced sweeping new banking rules aimed at cracking down on lending to illegal immigrants, requiring lenders to consider that borrowers without legal work authorization may pose “elevated credit risk,” a move that supporters say could improve housing affordability for Americans.
The rules require banks and credit unions to account for the possibility that an illegal immigrant borrower could lose his job, be unable to find lawful work, or be removed from the country before repaying a mortgage, auto loan, credit-card balance, or other debt.
The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and the National Credit Union Administration issued the joint guidance under President Donald Trump’s May executive order, “Restoring Integrity to America’s Financial System.”