CFPB rescinds advisory opinion on special purpose credit programs
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The Consumer Financial Protection Bureau is officially withdrawing an advisory opinion from January 2021 regarding Special Purpose Credit Programs, or SPCPs. These are specific types of lending programs designed to help certain groups access credit who might otherwise be denied it.
Why it matters: This action does not create new restrictions or benefits itself. It simply removes an old document that no longer reflects the law. For lenders, it means they should stop relying on the 2021 advisory opinion when designing SPCPs and instead follow the stricter standards set in the April 2026 final rule.
Who it affects
- For-profit financial institutions offering special purpose credit programs
This rescission was issued by the Consumer Financial Protection Bureau in the Federal Register; readers should verify the full text of the April 2026 final rule for detailed compliance requirements.
Agency: Consumer Financial Protection Bureau
Source: Federal Register — read the official document