As long as it is researched, appropriately documented for risk, approved and realistic, it may not be a huge problem. HOWEVER The bank also needs to condsider the disparate impact part. While your policy affects everyone, it has a greater impact on minorities and elderly, who may make up the lower end of the income chain.
An elderly long time customer with a 720+ credit score, no debts and on $1,083 monthly SS would be excluded, correct? Any deviation, and there could be an issue.
It's an easy filter, but may not be in the interest of the bank
Integrity. With it, nothing else matters. Without it, nothing else matters.