Federal Agencies Rescind 2022 Statement on Special Purpose Credit Programs, Aiming to Restore Merit-Based Lending

The Department of Housing and Urban Development (HUD) and several other federal agencies, including the CFPB, DOJ, FDIC, NCUA, OCC, and FHFA, jointly announced the rescission of the 2022 Interagency Statement on Special Purpose Credit Programs. This action aims to clarify that creditors should not rely on previous guidance that encouraged programs designed to favor certain classes of Americans, aligning with a vision of restoring a merit-based system and equal treatment under the law.