OCC’s Hsu Encourages Banks to ‘Explore Opportunities’ of SPCPs

Acting Comptroller of the Currency Michael Hsu today encouraged banks to “explore the opportunities available through special purpose credit programs.” Hsu’s statement came after the Department of Housing and Urban Development issued guidance earlier this week clarifying that for-profit companies’ special-purpose credit programs designed and implemented with the Equal Credit Opportunity Act do not generally violate the Fair Housing Act.

SPCPs are programs designed to direct financial assistance to groups who have historically locked out of homeownership, and Hsu noted that offering these programs “can be a significant step in addressing the racial and ethnic homeownership and wealth gaps that persist in the United States.”