Stay-at-home spouses and partners should soon find it easier to get a credit card, according to the Consumer Financial Protection Bureau.
The CFPB on Monday sent to the Federal Register a rule proposed in October that allows credit card issuers to consider income that a stay-at-home applicant, age 21 or older, shares as a third party if it's reasonable to assume the person has access to it.
The rule will take effect upon publication and credit card issuers will have six months to comply with the new regulation, the CFPB said.
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
Already have an account? Sign In Now
© 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.
