CFPB Revokes Lending Guidance for Disadvantaged Borrowers

The CFPB has rescinded six-year-old guidance for lenders on offering special purpose credit programs (SPCPs). A filing published by the Consumer Financial Protection Bureau (CFPB) Wednesday (June 17) in the Federal Register revoked guidance issued in 2020 designed to clarify how for-profit lenders could establish SPCS, which are credit assistance programs aimed at economically or socially disadvantaged consumers and commercial businesses. Now, however, the bureau says that opinion is “outdated”