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CFPB Revises Rule for Stay-at-Home Spouses – IBA Compliance Connection

CFPB Revises Rule for Stay-at-Home Spouses

The Consumer Financial Protection Bureau has released a final rule amending Regulation Z that will allow stay-at-home spouses and partners greater access to credit. The Credit CARD Act requires lenders to consider a consumer's independent ability to repay before opening a credit card, but this rule creates an exception for applicants who are 21 or older and who have a “reasonable expectation of access” to another person's income. Read the CFPB press release.