Regulatory AlertsInteragency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B
The Federal Reserve, FDIC, NCUA, OCC, CFPB, HUD, DOJ, and FHFA issued this interagency statement to remind creditors of their authority under the Equal Credit Opportunity Act and Regulation B to establish special purpose credit programs. These programs are permitted to meet the credit needs of specified classes of persons, with HUD guidance confirming that such programs generally do not violate the Fair Housing Act. The guidance applies to all institutions supervised by the Federal Reserve and encourages creditors to consider using these programs across all types of credit covered by ECOA and Regulation B.
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