Independent Banker - July 2021 - 30

PORTFOLIO
◎FOCUS COMPLIANCE
The CFPB's focus
on access to credit
In an effort to help financial institutions expand access to credit,
the CFPB recently addressed regulatory uncertainty around
special-purpose credit programs, or SPCPs. These programs are
intended to help those who would not otherwise have access to
credit. By Mary Thorson-Wright
However, the advisory opinion
clarifies that it's not discrimination
if for-profit organizations provide
SPCPs designed to meet special
social needs. The CFPB encourages
creditors to offer SPCPs to increase
access to credit for underserved
groups, clarifies the content required
by Regulation B for a written plan
to establish and administer a SPCP,
and explains the type of research
and data that may be appropriate to
support a SPCP to benefit a certain
class of people.
ast December, the Consumer
Financial Protection Bureau (CFPB)
issued an advisory opinion to encourage
fair, equitable and nondiscriminatory
access to credit through special-purpose
credit programs (SPCPs) and help
dispel industry uncertainty about
Regulation B as it applies to them.
Regulation B generally prohibits
discrimination in a credit transaction
L
based on race, color, religion, national
origin, sex or marital status, or
age, provided an applicant has the
capacity to contract. It also prohibits
discrimination if all or part of an
applicant's income derives from any
public assistance program or because
they have exercised any right under
the Consumer Credit Protection Act in
good faith.
Under Regulation B, a creditor
may extend special-purpose credit
to applicants who meet eligibility
requirements under certain types of
credit programs, including:
ƒ those authorized by federal or state
law for the benefit of an economically
disadvantaged class of persons
ƒ a program offered by a nonprofit
organization for the benefit of its
30 Q ICBA Independent Banker Q July 2021

Independent Banker - July 2021

Table of Contents for the Digital Edition of Independent Banker - July 2021

Table of Contents
Independent Banker - July 2021 - Cover1
Independent Banker - July 2021 - Cover2
Independent Banker - July 2021 - Table of Contents
Independent Banker - July 2021 - 2
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Independent Banker - July 2021 - Cover3
Independent Banker - July 2021 - Cover4
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