Federal banking regulators on Monday issued guidance to remind financial institutions of their existing obligations for managing credit risk when lending to borrowers who are not legally authorized to work in the U.S.
The Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corp. (FDIC) and the National Credit Union Administration (NCUA) said lending to individuals without work authorization “may present elevated credit risk because a borrower’s ability to generate income, maintain employment, and remain financially stable may be subject to greater uncertainty.”
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