CFPB Wants Better Credit Access For Stay-At-Home Spouses

Law360, New York (October 18, 2012, 9:13 PM EDT) -- The Consumer Financial Protection Bureau on Wednesday proposed a revision to the Truth In Lending Act that would ease access to credit for stay-at-home spouses by allowing them to rely on shared income when applying for credit cards.

Under the current interpretation of the general "ability-to-pay" rule in TILA, card issuers must base evaluations of an individual applicant's ability to make payments only on the individual's income, not on the income of a spouse or partner not joined to the account.

The proposed revisions to the...
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