Feds to propose change to Card Act

Feds to propose change to Card Act

Posted: Updated:
ATLANTA -

There was an uproar when stay-at-home spouses realized they were starting to have trouble getting a credit card without the other spouse's permission.

It was an unintended consequence of the Card Act of 2009, which was meant to keep young people from getting credit cards based on their parent's income, and it didn't sit well with a lot of families.

The government's Consumer Financial Protection Bureau is proposing a regulation change so that credit card companies base application requests on household income. The bureau calls this a common-sense change.

The change could have a real impact. The census shows that 16 million Americans don't work outside the home.

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