Four federal agencies will host a roundtable discussion on September 12, 2023, at 3:00 p.m. EDT regarding the availability of special purpose credit programs to help meet the credit needs of eligible individuals. The event will be open to the public via livestream.
U.S. Department of Housing and Urban Development Secretary Marcia L. Fudge, Acting Comptroller of the Currency Michael J. Hsu, Federal Housing Finance Agency Director Sandra L. Thompson, and Consumer Financial Protection Bureau Director Rohit Chopra are scheduled to offer remarks at the event. The event will also include a roundtable discussion with representatives from community groups and industry trade organizations that is focused on the opportunities and benefits of special purpose credit programs.
Special purpose credit programs are a long-established tool permitted under the Equal Credit Opportunity Act (ECOA) and Regulation B. Special purpose credit programs can help creditors expand responsible credit access to economically or socially disadvantaged consumers and commercial enterprises. With proper planning, development, and implementation, lenders can use special purpose credit programs as permitted under ECOA and Regulation B to help address the critical credit needs of underserved communities.