TILA Ability to Repay: CARD Act 

On May 3, the CFPB published regulatory changes to the CARD Act under Truth in Lending, which will allow credit card applicants who are 21 years or older to utilize joint income as an asset on credit applications. The regulation applies to all applications regardless of marital status. The CFPB believes this will ease access to credit for stay-at-home spouses and partners who have access to a working spouse or partner’s income, i.e. income received to a joint account. Compliance with the rule is optional until the mandatory compliance date of Nov. 4.


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