[News] Seven Agencies Rescinded the Special Purpose Credit Guidance, but the Rule That Ended the Programs Came Four Months Earlier

Congress wrote an exception into the Equal Credit Opportunity Act in 1976 that let lenders build credit programs around race, a Regulation B amendment closed it to for-profit lenders in April, and August's seven-agency rescission, which the Federal Reserve declined to join, largely ratified a wind-down that had already happened.