Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CFPB credit access reg gets CUNA support, with tweaks
WASHINGTON (1/8/13)--The Credit Union National Association (CUNA) supports a Consumer Financial Protection Bureau (CFPB) plan to address credit-access issues, but suggested some simple tweaks in a comment letter to improve the regulatory change.

For purposes of Regulation Z's ability-to-pay requirement, the CFPB proposal would allow credit card applicants who are 21 years of age or older to list funds of a spouse or partner to which the applicant has access. The proposal would change portions of Regulation Z that have in some cases limited the ability of stay-at-home spouses to secure new lines of credit.

CUNA in the comment letter suggested the agency clarify how credit unions and other credit card issuers will apply this revised standard once implemented.

The CFPB as it develops a final version of the proposal should also clarify that credit card issuers have sole discretion in determining:
  • whether a credit card applicant has "reasonable expectation of access" to the income of a spouse or partner; and
  • whether to extend credit to the consumer.
Further, the CFPB should provide supplemental guidance in regard to factors an issuer may choose to consider in determining "reasonable expectation of access," CUNA said.

The proposal applies to all applicants regardless of marital status, and the Bureau expects that it will ease access to credit particularly for stay-at-home spouses or partners who have access to a working spouse or partner's income.

For the full CUNA comment letter, use the resource link.
Other Resources

CUNA Comment Letter
RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
16 hours ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
18 hours ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
21 hours ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
21 hours ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
23 hours ago