The Consumer Financial Protection Bureau is reviewing a clause in the CARD Act that all but eliminates any chance for stay-at-home spouses to apply for credit.  The Federal Reserve created a clause that would only allow consumers over 21 to apply for credit based on their personal income not the household income in an effort to prevent college-aged students from taking out lines of credit based on their parents income. The impact of this clause was that stay-at-home parents were now unable to apply for credit, unless they got a spouse to co-sign the application. This has impacted woman the hardest since they are 30 times more likely than men to stay at home.
One stay at home mother named Holly McCall has launched a petition against the law on change.org and has already gained over 33,000 signatures. The petition can be seen here.
So far, the CFPB’s agreed to review McCall’s petition and the law itself, according to a Change.org spokesperson.
