Federal Agencies Rescind Guidance Encouraging Special Purpose Credit Programs

Seven U.S. federal agencies, including the CFPB, FDIC, and OCC, have rescinded a 2022 Interagency Statement that encouraged the offering of special purpose credit programs (SPCPs) under the Equal Credit Opportunity Act (ECOA). The Federal Reserve separately withdrew its guidance. This rescission follows April 2026 amendments to Regulation B by the CFPB, which restrict the ability of for-profit entities to offer SPCPs that use race, color, national origin, or sex as eligibility factors.