Director of the Consumer Financial Protection Bureau Richard Cordray said he is committed to reviewing the implementation of the CARD Act rule that prohibits non-working spouses from using household income to qualify for a credit card.

The message came Thursday from stay-at-home mom Holly McCall and representatives of MomsRising, who met with Cordray after delivering more than 45,000 petition signatures opposing the regulation to the bureau on Tuesday.

Cordray told the Vienna, Va., resident that he will review implementation of the CARD Act, work with her to create a solution, and provide a response to the grassroots MomsRising group within 30 days.

“I am really pleased that Mr. Cordray agreed to meet with me himself to address unfair access to credit for stay-at-home parents,” McCall said. “It's clear the Consumer Financial Protection Bureau listened to the 45,000 voices asking them to change this rule which unfairly penalizes hard-working moms and dads. I look forward to working with Director Cordray to fix this glaring issue.”

McCall said she and Moms Rising will work closely with the CFPB over the next 30 days to advocate for a resolution that allows stay-at-home parents access to credit.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Regulatory & Compliance
Payments/Credit/Debit