Four federal agencies, including the Consumer Financial Protection Bureau Director (CFPB), are holding a public roundtable discussion on September 12 at 12 p.m. (Pacific). The topic is special credit programs designed to assist eligible individuals with their credit needs.
The event will be open to the public via livestream.
In February 2022, the National Credit Union Administration (NCUA) issued a letter (22-CU-03) to federally insured credit unions. This letter included information about an interagency statement on special purpose credit programs. The purpose of both the letter and the interagency statement was to remind credit unions of their ability to offer special purpose programs that meet the needs of specific classes under the Equal Credit Opportunity Act (ECOA) and Regulation B.
Special purpose credit programs are a well-established tool allowed under the ECOA and Regulation B. These programs enable creditors to extend responsible credit access to economically or socially disadvantaged consumers and commercial enterprises. With proper planning, development, and implementation, lenders, including credit unions, can use special purpose credit programs, as permitted by ECOA and Regulation B, to address the significant credit needs of underserved communities.