News & Analysis as of

Special Purpose Credit Programs

McGlinchey Stafford

New Opportunities for Lenders and Borrowers under Special Purpose Programs

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Problems with lack of affordability and access to housing are longstanding in the U.S. The CFPB has indicated that “minority households… continue to lack fair and equitable access to credit,” including mortgage lending. These...more

Davis Wright Tremaine LLP

[Webinar] Hot Topics in Fair Servicing - April 13th, 11:00 am - 12:00 pm PT

The national and administrative focus on advancing racial equity and support for underserved communities keeps fair servicing in the foreground as a top priority for mortgage servicers. In this webinar, you’ll hear from a...more

Miller Nash LLP

Federal Regulators Continue to Encourage Special Purpose Credit Programs

Miller Nash LLP on

In a recent interagency statement, the federal banking regulators highlighted the availability of Special Purpose Credit Programs (SPCPs) as a tool for financial institutions to expand access to credit for underserved...more

Hudson Cook, LLP

CFPB Bites of the Month - March Top 10

Hudson Cook, LLP on

We thank you for reading our Top 10 and listening to our CFPB Bites of the Month webinars over the past two years. We are pleased to continue the series in 2022. In this month's article, we share some of our top "bites" for...more

Ballard Spahr LLP

CFPB, federal banking agencies, and other federal agencies issue Interagency Statement on Special Purpose Credit Programs Under...

Ballard Spahr LLP on

Yesterday, eight federal agencies joined together to issue an “Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B” (Interagency Statement). The agencies consist...more

Perkins Coie

Fintech Week in Review - June 2021 #2

Perkins Coie on

A buy-now pay-later company faces a potential class action alleging it hid the risk of overdraft and NSF fees from its users. Leaders of the CFPB’s Fair Lending Office published an article encouraging the use of special...more

Perkins Coie

Fintech Week in Review - January 2021

Perkins Coie on

FDIC Creates New Exceptions for Fintech Companies with Its Final Brokered Deposit Rule - On December 15, 2020, the Federal Deposit Insurance Corporation (FDIC) finalized its updated brokered deposit rule, providing...more

Ballard Spahr LLP

CFPB Issues Advisory Opinion Addressing Regulatory Uncertainty Regarding Special Purpose Credit Programs

Ballard Spahr LLP on

On December 21, 2020, the CFPB issued an advisory opinion that addresses regulatory uncertainty related to certain aspects of special purpose credit programs (“SPCPs”) designed and implemented by for-profit organizations. The...more

Skadden, Arps, Slate, Meagher & Flom LLP

Special Purpose Credit Programs — Taking a Second Look at a Familiar Tool

Increasingly, lenders are interested in pursuing proactive efforts to increase lending opportunities for members of African-American, Hispanic and other communities that may have traditionally been underserved. These...more

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