Recently, the Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), Department of Housing and Urban Development (HUD), Department of Justice (DOJ) and Federal Housing Finance Agency (FHFA) – together, the agencies – jointly rescinded the “Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B,” originally issued in February 2022. The eighth agency that issued the 2022 Interagency Statement, the Federal Reserve Board, is missing from the joint rescission and instead separately withdrew the 2022 guidance.
In the 2022 Interagency Statement, the agencies encouraged creditors to utilize special purpose credit programs (SPCPs) to help meet the credit needs of certain groups of people. The agencies also clarified that SPCPs are covered by the Equal Credit Opportunity Act (ECOA) and Regulation B, and referred to prior HUD guidance concluding that SPCPs issued in compliance with the ECOA and Regulation B generally did not violate the Fair Housing Act (FHA).
The rescission
In the notice issued this week, the agencies stated that the 2022 Interagency Statement no longer complies with current interpretations of the ECOA and FHA that prohibit discrimination against persons based on protected characteristics. The agencies also noted that the 2022 Interagency Statement is incongruent with a number of recent White House executive orders that, in the agencies words, “establish principles of nondiscrimination for agencies to follow.”
Specifically, the agencies noted that the 2022 Interagency Statement referenced a version of Regulation B that permitted creditors to determine eligibility for SPCPs using the race, color, national origin or sex of the applicant under certain circumstances – a standard since eliminated by the CFPB’s amendments to Regulation B finalized in April 2026 that implemented revisions to Regulation B. Further, the statement’s assurance to creditors regarding compliance with the FHA also rested on HUD guidance that is no longer in effect. The agencies therefore determined to withdraw the statement to ensure creditors no longer rely on it and are aware they may not discriminate based on prohibited characteristics.
Looking ahead
The rescission follows similar, recent actions by other federal agencies related to SPCPs and the broader fair lending landscape. In June, the CFPB withdrew its 2020 advisory opinion, “Equal Credit Opportunity (Regulation B); Special Purpose Credit Program,” which addressed regulatory uncertainty regarding the application of Regulation B to certain aspects of SPCPs “designed by for-profit organizations to meet special social needs.” The CFPB’s withdrawal was consistent with its April 2026 amendments to Regulation B. Also, effective September 2025, HUD withdrew 2021 guidance stating that SPCPs implemented pursuant to ECOA and Regulation B generally did not violate the FHA.
Creditors and industry participants offering or considering offering SPCPs should review their programs’ design and documentation – including disclosures and marketing materials – against the current Regulation B standards, since neither the rescinded 2022 Interagency Statement nor the withdrawn CFPB advisory opinion may be relied upon going forward. Creditors should also bear in mind that state fair lending laws may impose independent requirements, including disparate impact standards, that are unaffected by these federal developments.