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CFPB Rule to Help Stay-At-Home Spouses Get Credit Cards

CFPBThe Consumer Financial Protection Bureau has issued rules on The Credit Card Accountability Responsibility and Disclosure Act (“CARD Act”) to make it easier for stay-at-home spouses and partners to get credit cards by allowing card issuers to consider household income in their applications. The 2009 CARD Act requires that card issuers determine if a consumer is able to repay a debt before opening an account or increasing a limit. Until this new regulation, the issuer was only able to consider the individual applicant’s independent income. Card issuers have six months to comply with the new regulation. The CFPB’s press release is here.

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Donald Maurice provides counsel to the financial services industry, successfully litigating matters in the state and federal courts in individual and class actions. He has successfully argued before the Third, Fourth and Eighth Circuit U.S. Courts of Appeals, and has represented the financial services industry before several courts including as counsel for amicus curiae before the United States Supreme Court. He counsels clients in regulatory actions before the CFPB, and other federal and state regulators and in the development and testing of debt collection compliance systems. Don is peer-rated AV by Martindale-Hubbell, the worldwide guide to lawyers. In addition to being a frequent speaker and author on consumer financial services law, he serves as outside counsel to RMA International, on the governing Board of Regents of the American College of Consumer Financial Services Lawyers and on the Governing Committee of the Conference on Consumer Finance Law. From 2014 to 2017, he chaired the ABA's Bankruptcy and Debt Collection Subcommittee.

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