Federal Agencies Rescind 2022 Special Purpose Credit Program Guidance

Seven federal agencies, including the NCUA, have rescinded their 2022 interagency statement on special purpose credit programs (SPCPs) under the Equal Credit Opportunity Act (ECOA) and Regulation B. The rescission takes effect Aug. 25, 2026, and directs creditors not to rely on the earlier statement or related guidance going forward.

The February 2022 interagency statement was designed to give creditors greater confidence in establishing SPCPs to address the credit needs of economically and socially disadvantaged groups.

The agencies said that statement relied on provisions of Regulation B and HUD Fair Housing Act interpretations that have since changed or been withdrawn.

The rescission does not prohibit SPCPs. Regulation B continues to permit qualifying programs, including certain programs offered by nonprofit organizations for their members or economically disadvantaged groups.

However, credit unions with existing SPCPs should review them under the current requirements of ECOA, Regulation B and the Fair Housing Act rather than relying on the assurances contained in the 2022 guidance.