Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), told lawmakers at a House Financial Services committee hearing this week that the CFPB will likely change the CARD Act to allow credit cards to be given to qualified non-working spouses in their own name. The bureau hopes to introduce the rule to lawmakers before the post-election lame duck session.
The move comes after Holly McCall, a Virginia stay-at-home mom, launched an initiative to reverse the rule in the CARD act barring credit cards for non-working spouses. After McCall and the MomsRising advocacy group earned 45,000 signatures of support, they presented Cordray with the petition. “Stay at home moms shouldn’t have to ask their husbands for permission to get a credit card, and I’m glad to hear Director Cordray agrees.” McCall said.
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