CFPB Advises Lenders on Immigration Status Consideration

The Consumer Financial Protection Bureau (CFPB) has issued guidance reminding lenders of their obligation to consider an applicant's immigration status when assessing repayment ability for mortgages and certain credit products. This directive emphasizes compliance with the Truth in Lending Act and Regulation Z. The CFPB aims to ensure fair lending practices and prevent discrimination by clarifying that immigration status is a relevant factor in the credit assessment process.