Much of the routine trade and investment between China and America is entirely appropriate and in America’s interest. But inserting the Chinese Communist Party into America’s pay-to-play system and its economic development strategy isn’t just crossing a line. It’s a leap into an abyss of stupidity.
“…plaintiffs and regulators may challenge not merely isolated underwriting decisions, but entire credit programs, pricing methodologies, automated underwriting systems, credit scoring models, fraud prevention tools, or other institutional policies that allegedly produce disparate outcomes.”
With vague, open-ended regulatory language like this, why would any lender of any sort do business in JB the Hutt’s Illinois?
Illinois elects its dumbest.
Unfortunately their idea of fair is rather communist which will force everyone to pay more.
Nope. It will cause lenders to abandon Illlinois.
As usual, the mindless idiots that vote for this stuff don’t realize or care it effects the most responsible who end up supporting a system subsidizing the most irresponsible. Just like insurance or whatever. It is called equity, part of Marxism.
It appears Illinois governments want to extend their make believe government accounting practices to private industry in Illinois.
The only other states adopting this lending policy are most likely blue, communist states like Illinois. Maybe in the future banks, lenders will find it not profitable to do business with Illinois and pull out of Illinois.
Feds want freedom, blue states want communism
Most of the country has moved on past peak Woke, but a handful of places are still going stronger than ever: the State of Illinois, academia, primary education, the judicial system. It will not end well and it will be incredibly difficult to undo.