2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
The 2022 Gift Tax Return Deadline Is Coming Up Soon
HUD Strengthens the Effects Test
President Biden’s Proposed Budget Includes Notable Tax Provis...
On Feb. 22, 2022, an interagency statement was issued reminding financial institutions they can establish special purpose credit programs to help meet the needs of specified classes or persons by the following agencies:
Special purpose credit programs, pursuant to the Equal Credit Opportunity Act and Regulation B, allow financial institutions to consider a prohibited basis such as race, national origin or sex in extending credit. Although financial institutions are encouraged to explore opportunities to develop such programs, the agencies will not determine whether a program qualifies for special purpose credit status. Rather, questions about the programs should be directed to their regulatory agency.
If you have compliance questions related to your institution’s lending practices, please contact Doeren Mayhew’s regulatory compliance specialists.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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