Republicans To Press CFPB Director On Loans For Illegal Immigrants

Republicans are gearing up to question Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra about a controversial policy during his upcoming testimony before the U.S. House Financial Services Committee. The focus is expected to be on the encouragement given to financial institutions to provide mortgages to illegal immigrants.

Last year, Chopra and U.S. Attorney General Merrick Garland sent a letter urging banks and credit unions to offer loans to illegal immigrants. One institution taking this advice is the Latino Community Credit Union (LCCU) in North Carolina. According to reports, LCCU provides “mortgages to immigrants irrespective of their immigration status.” Former LCCU CEO insisted that “people have the right to fulfill their dreams,” echoing the sentiment behind the policy.

The joint letter from Chopra and Garland has been criticized for reversing longstanding guidelines from the CFPB and the Federal Reserve. U.S. Sen. J.D. Vance (R-OH) and all Republican members of the Senate Banking Committee have called for the letter to be rescinded. Vance expressed concerns that banks could struggle to recoup loans if borrowers are deported, saying, “The federal government should be cracking down on illegal immigration – not encouraging more of it.”

Restoration News reported that LCCU representatives confirmed they offer mortgages to undocumented immigrants who have at least a tax ID. They even assist clients in obtaining these tax IDs and building credit.

As Chopra prepares to present his semi-annual report to the committee, many expect Republicans to push for answers on this policy. Steve Cortes, an American Greatness contributor and head of the League of American Workers, questioned Chopra’s priorities, asking, “Does CFPB Director Chopra work for American citizens or for illegal aliens?”
The upcoming testimony could shine a spotlight on this issue, potentially sparking further debate over the CFPB’s stance on lending to illegal immigrants.

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