The Consumer Financial Protection Bureau plans on revising a rule that currently prevents many stay-at-home spouses from obtaining their own credit card.
A 2009 CARD Act provision currently mandates issuers look at a consumer’s individual income, rather than their household income, when deciding to approve that consumer for a credit card. This has hurt the stay-at-home spouse that generates little or no income.
The rule originally tried to prevent young adults from using their parents’ income to obtain a credit card and subsequently ringing up too much debt in their own name.
“This is clearly an unintended consequence,” said Richard Cordray, the CFPB Director, at a congressional hearing yesterday.
Cordray said the CFPB would draft a proposal later this year.
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