1. 

Board of Governors of the Federal Reserve System

Federal Deposit Insurance Corporation

National Credit Union Administration

Office of the Comptroller of the Currency

Consumer Financial Protection Bureau

Department of Housing and Urban Development

Department of Justice

Federal Housing Finance Agency

February 22, 2022

Interagency Statement on Special Purpose Credit Programs Under the Equal 

Credit Opportunity Act and Regulation B

The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance 

Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the 

Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB or 

Bureau), the Department of Housing and Urban Development (HUD), the Department of 

Justice (DOJ), and the Federal Housing Finance Agency (FHFA) (hereafter, the agencies) are 

issuing this interagency statement to remind creditors of the ability under the Equal Credit 

Opportunity Act (ECOA) and Regulation B to establish special purpose credit programs to meet 

the credit needs of specified classes of persons. Many financial institutions have publicly 

committed billions of dollars to better meet the needs of underserved communities, and this 

statement calls attention to the special purpose credit options under ECOA and Regulation B.1

ECOA and Regulation B permit creditors to extend special purpose credit offered pursuant to— 

• any credit assistance program expressly authorized by Federal or state law for the benefit 

of an economically disadvantaged class of persons;

• any credit assistance program offered by a not-for-profit organization for the benefit of 

its members or an economically disadvantaged class of persons; or

1 See Equal Credit Opportunity (Regulation B); Special Purpose Credit Programs, 86 Fed. Reg. 3762, 3764 

n.26 (Jan. 15, 2021).
2. 

• any special purpose credit program offered by a for-profit organization, or in which such 

an organization participates to meet special social needs, if it meets certain standards 

prescribed in regulations by the Bureau.2

On December 21, 2020, the CFPB issued an Advisory Opinion (AO) on special purpose credit 

programs to clarify the content that a for-profit organization must include in a written plan that 

establishes and administers a special purpose credit program under Regulation B.3 In addition, 

the AO clarified the type of research and data that may be appropriate to inform a for-profit 

organization’s determination to establish a special purpose credit program to benefit a specified

class of persons.4 

Previously, some stakeholders expressed uncertainty as to the treatment of ECOA and 

Regulation B special purpose credit programs under the Fair Housing Act (FHA).5 On 

December 7, 2021, HUD released guidance concluding that special purpose credit programs 

instituted in conformity with ECOA and Regulation B generally do not violate the FHA.6 

Accordingly, creditors may consider the use of special purpose credit programs across all types 

of credit covered by ECOA and Regulation B.

As creditors consider how they may expand access to credit to better address special social 

needs, the agencies encourage creditors to explore opportunities to develop special purpose 

credit programs consistent with ECOA and Regulation B requirements as well as applicable safe 

and sound lending principles. 

While the agencies do not determine whether a program qualifies for special purpose credit 

status, creditors with questions about any aspect of ECOA and Regulation B’s special purpose 

credit provisions may consult their appropriate regulatory agencies. 

2 See 15 U.S.C. § 1691(c)(1)-(3); 12 C.F.R. § 1002.8(a). 3 See 86 Fed. Reg. at 3762, 3764–65 (Jan. 15, 2021); see also Susan M. Bernard and Patrice Alexander 

Ficklin, Expanding Access to Credit to Underserved Communities (July 31, 2020) (calling attention to 

opportunities to develop special purpose credit programs and use of affirmative advertising consistent 

with the ECOA and Regulation B requirements). 

4 See 86 Fed. Reg. at 3765–66. 

5 See 42 U.S.C. § 3601 et seq. 6 See

https://www.hud.gov/sites/dfiles/GC/documents/Special_Purpose_Credit_Program_OGC_guidance_1s

2-6-2021.pdf.