The Consumer Financial Protection Bureau has tweaked the Credit Card Accountability Responsibility and Disclosure Act to fix a rule that prevented some stay-at-home parents from qualifying for credit cards.
The amendment allowed credit card issuers to take into account income that a stay-at-home applicant over the age of 21 share with a spouse or partner when evaluating the applicant for a new account or increased limited, the CFPB said in a statement Monday.
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“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,” said CFPB Director Richard Cordray. “Today’s final rule is an example of the Bureau’s commitment to working with consumers and financial institutions in order to ensure responsible access to credit for American families.
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