Special Purpose Credit Programs: Rescission of Interagency Statement

Summary

The Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, National Credit Union Administration, Consumer Financial Protection Bureau, Department of Housing and Urban Development, Department of Justice, and Federal Housing Finance Agency are rescinding the “Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B” (2022 interagency statement). The agencies are rescinding the 2022 interagency statement to make clear that (1) creditors may not discriminate against borrowers based on prohibited characteristics and (2) creditors should not rely upon the 2022 interagency statement or other related issuances.

OCC Bulletin 2022-3, “Fair Lending: Interagency Statement on Special Purpose Credit Programs,” which conveyed the 2022 interagency statement, is also rescinded.

Background

The 2022 interagency statement encouraged creditors to offer special purpose credit programs that “meet the credit needs of specified classes of persons” and gave assurances to participants that were uncertain about the permissibility of such credit programs. However, the Interagency Statement referenced a provision of Regulation B, the Equal Credit Opportunity Act’s implementing regulation, that has since been amended.¹ The earlier version of that provision permitted creditors to implement lending programs based on the race, color, national origin, or sex of the applicant under certain circumstances, and the Interagency Statement and other related guidance referenced that earlier version.

Further Information

Please contact the Compliance and Operational Risk division at (202) 649-6550.

James M. Gallagher
Senior Deputy Comptroller and Chief National Bank Examiner

Related Link

• “Rescission of the Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B” (PDF)