DACA debate likely to impact lenders

first_imgPresident Trump’s announcement that he was ending the Delayed Action for Childhood Arrivals (DACA) in six months unless Congress passes legislation addressing the issue has important implications for lenders as individuals affected by the President’s announcement turn to the courts for protection.The DACA program was instituted by President Obama in 2012. It allows qualified individuals who are illegal aliens who entered the country as minors to receive renewable two-year periods of deferred deportation. They are also eligible to receive work permits.When I heard about the President’s announcement, I figured that now would be a good time to update you on the status of a case which has important potential implications for lenders. In Perez v. Wells Fargo & Co., Case No.: 17-cv-00454-MMC, DACA recipients are suing Wells Fargo claiming that the bank’s lending policies violate federal civil rights law. Each of the highlighted plaintiffs applied to the bank for a loan. Nonetheless, they argue that they were denied loans ranging from student loan applications to a loan for commercial equipment. Each claims that they has a U.S. citizen as a willing co-signer but that the bank categorically refused their applications. continue reading » 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img