Rep. Andy Ogles (R-TN) is leading legislation that would reverse President Joe Biden’s requirement that banks and creditors offer loans to illegal aliens despite their immigration status, Breitbart News has exclusively learned.
Recently, Biden’s Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB) issued a joint statement suggesting banks and creditors could be hit with antidiscrimination lawsuits and investigations if they deny loans to illegal aliens.
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The DOJ-CFPB statement reads, in part:
… creditors should be aware that unnecessary or overbroad reliance on immigration status in the credit decisioning process, including when that reliance is based on bias, may run afoul of ECOA’s antidiscrimination provisions and could also violate other laws. [Emphasis added]
Ogles’s legislation, which already has 12 cosponsors, would clarify that banks and creditors are allowed to consider an applicant’s immigration status when deciding whether or not to offer them loans.
“Joe Biden’s administration has no problem throwing red tape over American essentials like guns, water heaters, and gas stoves, but when it comes to protecting American credit lenders, he is nowhere to be found,” Ogles told Breitbart News:
Make no mistake: illegal aliens have violated the law, and banks have the right to know to whom they are giving their money. Democrats want to force banks to bow to big government, but I won’t let them. [Emphasis added]
To make matters worse, the CFPB and DOJ placed this atrocious regulation in the text of a press statement which is highly unorthodox and intentionally confusing to banks. At this point, calling any action by the CFPB legitimate would be crazy. It’s an unconstitutional agency doing unconstitutional things through press releases, and I am proud to fight against it. [Emphasis added]
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The CFPB was created in 2010 in response to the financial crisis spurred by the Great Recession. The agency, at the time, was intended to protect American consumers from predatory, abusive, and illegal practices carried out by financial institutions.
Reps. Tom Tiffany (R-WI), Andrew Clyde (R-GA), Dr. Neal Dunn (R-FL), Bob Good (R-VA), Ralph Norman (R-SC), Alex Mooney (R-WV), Keith Self (R-TX), Roger Williams (R-TX), Lauren Boebert (R-CO), Rich McCormick (R-GA), Randy Weber (R-TX), and Troy Nehls (R-TX) are cosponsoring Ogles’s legislation.
Since Biden took office, estimates suggest his administration has welcomed some six million illegal aliens at the United States-Mexico border — a foreign population more than seven times the size of San Francisco, California.
Recent estimates suggest that Biden is releasing about 5,000 illegal aliens into the nation’s interior every day. This indicates that monthly, Biden is releasing about 150,000 illegal aliens into the interior and about two million annually, the equivalent of the administration adding an illegal population the size of Houston, Texas, every year.
John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here.