CFPB and Justice Dept issue joint statement to protect access to fair credit by immigrants

The CFPB and the Department of Justice have issued a joint statement regarding fair credit opportunities for immigrant borrowers. The statement was issued to assist creditors and borrowers in understanding the potential civil rights implications when considering an individual’s immigration status under the Equal Credit Opportunity Act (ECOA).

The statement was issued as a reminder to lenders that they cannot use immigration status to justify unlawful discrimination.  ECOA does not prohibit lenders from considering a borrower’s immigration status when evaluating applicants, however, the law prohibits lenders from using immigration status to discriminate against an immigrant consumer or small business owner based on national origin, race, or other protected characteristics.

Read the Joint Statement here

Time to update your fair lending policy!  

The joint statement expressly refers to internal policy, and it is imperative that lenders institute directives which adequately address each area of credit consideration, including the borrower’s ability to repay.

Housing Research, LLC provides customized policy and procedure manuals tailored to your institution’s location, charter, size, business channels and product line.  For more information, e-mail Anna DeSimone at or call 475-256-0074.  View compliance resource guide sample. 

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