Illinois Enacts Disparate Impact Standard for Credit Decisions: What Lenders Need to Know – JD Supra

The new law will prohibit not only intentional discrimination in lending and credit card issuance, but also the use of facially neutral underwriting criteria or methodologies that produce discriminatory effects.
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The Railroader
1 day ago

“…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.

David F
1 day ago

Unfortunately their idea of fair is rather communist which will force everyone to pay more.

The Railroader
1 day ago
Reply to  David F

Nope. It will cause lenders to abandon Illlinois.

Kaiser Solzay
1 day ago

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.

Mark Felt
1 day ago

It appears Illinois governments want to extend their make believe government accounting practices to private industry in Illinois.

Lana
1 day ago

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

Irish Patriot
1 day ago

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.

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