In many cases, stay-at-home parents have had difficulty obtaining a credit card based on a lack of personal income. However, a proposed move by the Consumer Financial Protection Bureau could make it easier for these people to gain access to the merchant services operations.
The Wall Street Journal reports that a measure is being looked at that would change a standard established in 2011 under the Credit Card Accountability Disclosure Act that forced borrowers to show personal income when applying for accounts. During a recent congressional hearing on the matter, CFPB Director Richard Cordray said that a fix would likely be made.
“This is clearly an unintended consequence,” said Cordray during a recent hearing in front of lawmakers. “We have determined that we will proceed with rule-making” to adjust the income standard, he said.
Cordray made other headlines in recent weeks when he announced that the number of complaints against credit card companies on his organization’s site were lower than expected. There were a total of 72,297 complaints from consumers, “fewer than would have expected,” he told Congress.Back To Blog