Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B

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CA 22-2: Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551

DIVISION OF CONSUMER AND COMMUNITY AFFAIRS

CA 22-2

February 22, 2022

TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS:

SUBJECT:

Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B

Applicability : This guidance applies to all institutions supervised by the Federal Reserve.

The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB or Bureau), the Department of Housing and Urban Development (HUD), the Department of Justice (DOJ), and the Federal Housing Finance Agency (FHFA) (collectively, the agencies) are issuing this interagency statement to remind creditors of the ability under the Equal Credit Opportunity Act (ECOA) and its implementing Regulation B to establish special purpose credit programs to meet the credit needs of specified classes of persons. 1

On December 7, 2021, HUD released guidance concluding that special purpose credit programs instituted in conformity with ECOA and Regulation B generally do not violate the Fair Housing Act. 2 Accordingly, creditors may consider the use of special purpose credit programs across all types of credit covered by ECOA and Regulation B.

Reserve Banks are asked to distribute this letter to the supervised institutions in their districts and to appropriate supervisory staff. Questions regarding this letter may be sent via the Board’s public website. 3

signed by Eric S. Belsky Director Division of Consumer and Community Affairs

Attachments:

Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B

Notes:

See 15 U.S.C. § 1691(c)(1)-(3); 12 C.F.R. § 1002.8(a). Return to text.

See

https://www.hud.gov/sites/dfiles/GC/documents/Special_Purpose_Credit_Program_OGC_guidance_1s2-6-2021.pdf.

Return to text.

See

http://www.federalreserve.gov/apps/contactus/feedback.aspx . Return to text.

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Last Update:

March 25, 2022