Four federal agencies will host a roundtable discussion next month on the availability of special purpose credit programs (SPCP) to meet the credit needs of eligible individuals.
SPCPs are a tool permitted under the Equal Credit Opportunity Act (ECOA) and Regulation B to help creditors expand responsible credit access to economically or socially disadvantaged consumers and commercial enterprises. Further, with proper planning and implementation, lenders can use SPCPs as permitted under ECOA and Regulation B to help address the critical credit needs of underserved communities.
U.S. Department of Housing and Urban Development Secretary Marcia Fudge, Acting Comptroller of the Currency Michael Hsu, Federal Housing Finance Agency Director Sandra Thompson, and Consumer Financial Protection Bureau Director Rohit Chopra are all scheduled to speak at the event, scheduled for Sept. 12 at 3:00 p.m. EDT.
It will also feature a roundtable discussion on the opportunities and benefits of SPCPs with representatives from community groups and industry trade organizations. Representatives from the Mortgage Bankers Association, Urban Institute, the Center for Responsible Lending, and the National Association of Realtors will take part in the roundtable.
The event will be open to the public via live stream on the Office of the Comptroller of the Currency’s website here