U.S. Consumer Bureau Tweaks Credit Card Rule for At-Home Parents

April 29, 2013
credit card news

The Consumer Financial Protection Bureau confirmed that it has revised a requirement in the Credit CARD Act stipulating that companies verify repayment ability before approving applicants for credit cards. Regulators initially interpreted the language to mean that card issuers could consider only individuals' independent income, not total household pay. As a result, credit card firms denied cards to some stay-at-home parents and other non-working people who would otherwise have been approved. "Stay-at-home spouses or partners who have access to resources that allow them to make payments on a credit card can now get their own cards," CFPB director Richard Cordray said.
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