Special Purpose Credit Programs
Following the social unrest and protests that shook the U.S. in 2020, there has been a resurgence of interest in special purpose credit programs (SPCPs) by both financial institutions and the Consumer Financial Protection Bureau (CFPB) to address issues of financial equity/inclusion and to promote access to credit to underserved individuals, businesses, and communities. Although institutions have historically been reluctant to implement SPCPs because of regulatory uncertainty, a CFPB advisory opinion issued in December 2020 encourages use of such programs and provides additional guidance related to the development of SPCP written plans.
Please join us for a discussion about SPCPs that will include:
An overview of ECOA and Regulation B requirements
What the CFPB’s recent advisory opinion adds to existing law (as well as what’s missing)
Issues and challenges in developing SPCPs and required written plans
This program is open to Ballard Spahr clients and prospective clients. There is no cost to attend. This program is not eligible for CLE credits.
Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact firstname.lastname@example.org.