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
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Integrity. With it, nothing else matters. Without it, nothing else matters.