- within Strategy and Insolvency/Bankruptcy/Re-Structuring topic(s)
On August 25, seven federal agencies rescinded their 2022 interagency statement addressing Special Purpose Credit Programs (SPCPs) under the Equal Credit Opportunity Act (ECOA) and Regulation B. The FDIC, NCUA, OCC, CFPB, HUD, DOJ, and FHFA stated that creditors should no longer rely on the prior guidance and emphasized that SPCPs must comply with ECOA, Regulation B, and, where applicable, the Fair Housing Act (FHA).
The 2022 statement had encouraged creditors to establish SPCPs designed to meet the credit needs of specified classes of persons and provided assurances regarding the permissibility of those programs. According to the agencies, however, the statement relied in part on a provision of Regulation B that has since been amended and on HUD guidance concerning the FHA that is no longer in effect. The agencies stated that those prior interpretations cannot be reconciled with the statutory text of ECOA and the FHA.
The rescission follows several related federal actions. HUD withdrew two SPCP-related fair housing guidance documents in 2025, and the CFPB withdrew its 2020 SPCP advisory opinion in June 2026 (previously discussed here). CFPB also amended Regulation B in June 2026 to revise the requirements applicable to SPCPs offered by for-profit organizations. The agencies stated that federal law does not authorize generalized remedial “equity” initiatives absent specific cases of unlawful discrimination and cautioned creditors against relying on prior guidance that suggested otherwise.
Notably, the Federal Reserve joined the original 2022 interagency statement but did not participate in the 2026 rescission.
Putting It Into Practice: The rescission is the latest step in the federal government’s broader shift in fair-lending policy. Creditors that maintain or are considering SPCPs should review their program eligibility criteria, written plans, and use of protected characteristics against the revised Regulation B framework and applicable FHA requirements. Lenders should continue monitoring federal fair-lending developments and update their compliance procedures as necessary.
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