US Federal Agencies rescind 2022 Special Purpose Credit Program guidance

Seven federal agencies have formally rescinded a 2022 interagency statement regarding Special Purpose Credit Programs (SPCPs). The move, effective August 26, 2025, instructs creditors not to rely on the previous guidance when developing programs aimed at expanding credit access for historically disadvantaged groups.

The participating agencies include the Consumer Financial Protection Bureau (CFPB), the Department of Justice, the Department of Housing and Urban Development (HUD), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Federal Housing Finance Agency (FHFA).

Regulators stated that the prior guidance could not be reconciled with the statutory text of the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act, which prohibit discrimination based on protected characteristics. The agencies emphasized that while SPCPs remain permitted under Regulation B, lenders must ensure they do not engage in discriminatory activities. The rescission follows recent tightening of rules by the CFPB governing for-profit programs and cites Supreme Court precedent regarding the heightened scrutiny applied to race-based policies.