CFPB To Revise Restrictions On Credit Card Applications

Law360, New York (September 20, 2012, 9:23 PM EDT) -- Consumer Financial Protection Bureau Director Richard Cordray on Thursday assured House lawmakers that the agency will overhaul potentially restrictive income requirements for credit card applicants, but faced criticism over the agency's remittance rule and inability to define abusive practices.

At a House Financial Services Committee meeting to review the agency's semi-annual report, both Committee Chair Spencer Bachus, R-Ala., and Rep. Carolyn Maloney, D-N.Y., pushed Cordray to accelerate the agency's efforts to address the Federal Reserve's 2011 clarification to the Credit Card Accountability Responsibility and Disclosure Act...
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