Saturday, April 13, 2024
HomenewsedgeVance, Senate GOP warn Biden admin's directive on giving loans to illegal...

Vance, Senate GOP warn Biden admin’s directive on giving loans to illegal immigrants could be ‘detrimental’

A Republican senator led every Senate Banking Committee Republican in a letter to the Biden administration about a recent joint directive on illegal immigrants being approved for loans.

The letter from Ohio GOP Senator J.D. Vance is a response to an Oct. 12 directive from the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) warning lenders against solely denying lines of credit for mortgages, auto and other loans due to a borrower’s immigration status.

Signed by every member of the GOP members of the Senate Banking Committee, the letter to the Attorney General Merrick Garland and CFPB Director Rohit Chopra argues that the joint directive flies in the face of sound lending practices. 

Financial “institutions are right to be concerned that they may never see a return on loans issued to illegal immigrants,” Vance told Fox News Digital

“As members of the Senate Committee on Banking, Housing, and Urban Affairs, we urge you to retract your agencies’ irresponsible joint statement and instead endorse risk-based lending practices that promote safety and soundness in the bank sector,” they concluded the letter.

Joining Vance on the letter is every Republican member of the Senate Banking Committee: Ranking Member Tim Scott of South Carolina, Senators Mike Crapo of Idaho, Michael Rounds of South Dakota, Thom Tillis of North Carolina, John Kennedy of Louisiana, Bill Hagerty of Tennessee, Cynthia Lummis of Wyoming, Katie Britt of Alabama, Kevin Cramer of North Dakota, and Steve Daines of Montana.

Houston Keene is a politics writer for Fox News Digital.  Story tips can be sent to and on Twitter: @HoustonKeene 


Most Popular