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News Release 2021-130 | December 9, 2021

Acting Comptroller Issues Statement on HUD Guidance for Special Purpose Credit Programs

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement today regarding special purpose credit programs:

Recently, 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 (ECOA) and Regulation B generally do not violate the Federal Fair Housing Act. This guidance confirms that lenders may use properly designed and implemented special purpose credit programs to help address long-standing home mortgage credit needs for groups that have been economically disadvantaged.

I encourage national banks and federal savings associations to explore the opportunities available through special purpose credit programs. The special purpose credit program provisions of ECOA and Regulation B are one mechanism that banks can use to open the door to homeownership to communities that have been historically shut out or otherwise disadvantaged. Doing so can be a significant step in addressing the racial and ethnic homeownership and wealth gaps that persist in the United States.

I want to thank Secretary Fudge for her leadership on this important issue, and I look forward to our agencies working together to address homeownership and credit availability for communities who have long been denied such opportunities.

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Stephanie Collins
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