As previously reported, in February 2022, eight federal agencies issued an Interagency Statement encouraging the offering of special purpose credit programs (SPCPs) under the Equal Credit Opportunity Act (ECOA). The agencies were the CFPB, FDIC, OCC, Fed, NCUA, HUD, DOJ, and FHFA. Seven of the agencies have now rescinded the Interagency Statement. The Fed did not participate in the joint rescission but separately withdrew the guidance.
The rescission is in part based on the April 2026 amendments to Regulation B adopted by the CFPB that restrict the ability of for-profit entities to offer SPCPs, and make other changes. Specifically, the revisions prohibit for-profits entities from offering SPCPs that use the applicant’s race, color, national origin, sex, or any combination thereof, as a factor regarding eligibility for an SPCP. While for-profit entities may continue to offer SPCPs that use an applicant’s religion, marital status, age, income derived from a public assistance program, or any combination thereof, as an eligibility factor, the revisions imposed significant restrictions on the ability of a for-profit entity to offer such SPCPs. The revisions became effective July 21, 2026, and are being challenged in court. The law regarding SPCPs offered by governmental or non-profit entities remains unchanged.