Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra issued the following statement:
Earlier today, the U.S. Department of Housing and Urban Development released guidance clarifying that special purpose credit programs that conform with the Equal Credit Opportunity Act and Regulation B generally do not violate the Federal Fair Housing Act. The special purpose credit program provisions of ECOA and Regulation B provide targeted means by which creditors can better serve communities who have been historically shut out or otherwise disadvantaged. I encourage creditors to explore the opportunities available through special purpose credit programs.
Read the HUD Office of Fair Housing and Equal Opportunity statement on the guidance.