CFPB Reminds Creditors about Value of Using Special Purpose Credit Programs

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On July 19, the CFPB issued a press release reinforcing the importance of using special purpose credit programs (SPCP) to serve unmet credit needs.

In February, the CFPB and seven other agencies issued an interagency statement to remind creditors of the option to establish SPCPs to help create fair and equitable access to credit. See WBK’s article on the interagency statement for more details.

In the July press release, the CFPB provides information on who particular stakeholders should contact within the CFPB with questions or requests for consultations about SPCPs.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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