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Tuesday, April 30, 2013

CFPB Makes ABA-Supported Changes to Credit Card Rules

The CFPB has released a final rule making it easier for stay-at-home spouses and partners to receive credit cards in their own names.

The rule amends regulations issued under the 2009 Credit Card Act that required card issuers to evaluate credit card applicants’ ability to repay based on their independent income and assets. The new rule eliminates that requirement for applicants who are 21 and older, and it permits issuers to consider income and assets to which such consumers have a reasonable expectation of access.

ABA has long sought such revisions and in a January comment letter said they would “ensure that stay-at-home spouses and partners have access to credit cards in their own names, as well as the ability to build their credit history, without having to rely on the approval or control of their spouse or partner.”

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