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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.