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3 Comments

  1. Heather Novak
    5:34 AM on June 11th, 2012

    Estelle, what a great post. OF course, you are a professional. OH I am so guilty of sleeping through this. I remember being irritated with the credit card law, but time swiftly passed and daily life swamped that spark. Part of being a mama is being ridic busy…could you provide easy links for us to take some sort of action RIGHT NOW? IT would help….not that we are lazy, we are just busy making people.

  2. Barb Richards
    8:20 PM on January 17th, 2013

    Apparently legislators have been listening. There is potentially some good news for fixing Reg Z on the horizon:
    The Federal Register reports that the public comment period has just ended on the Bureau of Consumer Financial Protection has proposed a “rule would remove references to an “independent” ability to pay from § 1026.51(a)(1) and the commentary to § 1026.51(a)(1).” Once the information is gathered, an amendment may pass that:

    6. Examples of considering income. Assume that an applicant is not employed but shares a household with another individual (the “household member”) who is employed. The applicant is age 21 or older so § 1026.51(b) does not apply.

    i. If the household member’s salary is deposited into a joint account shared with the applicant, a card issuer may consider that salary to be the applicant’s income for purposes of § 1026.51(a).
    (and several other scenarios…)

    More here: https://federalregister.gov/a/2012-26008

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