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Financial Institution Letter | February 22, 2022 |
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Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B
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Summary:
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), (hereafter, the agencies), are issuing an interagency statement to remind creditors of the ability under the Equal Credit Opportunity Act (ECOA) and Regulation B to establish special purpose credit programs to meet the credit needs of specified classes of persons. Many financial institutions have publicly committed billions of dollars to better meet the needs of underserved communities, and the statement calls attention to the special purpose credit options under ECOA and Regulation B.
Statement of Applicability:
This Financial Institution Letter (FIL) applies to all FDIC-supervised institutions.
Distribution:
FDIC-Supervised Institutions
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