CFPB Reminds Creditors about Value of Using Special Purpose Credit Programs

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.

• Institutions under CFPB’s supervisory jurisdiction can reach out to their CFPB supervisory contact.
• Consumer, community, civil rights, and nonprofit advocacy groups can email publicengagement@cfpb.gov.
• Bank and nonbank trade associations can email CFPB_financialinstitutions@cfpb.gov.