Cordray Comments on Proposal to Improve Access to Credit

This story appeared in Bank Digest.

Consumer Financial Protection Bureau Director Richard Cordray discussed the bureau’s proposal that would make it easier for spouses or partners who do not work outside of the home to qualify for credit cards in a “Huffington Post” blog entry. According to Cordray, the CFPB’s mission is “to empower consumers and strengthen their financial independence.” He added that the proposal would allow a consumer to rely on accessible income from a third party when applying for a credit card, stating that the proposal “shows our commitment to independent evaluation and rigorous analysis of the existing regulatory framework. We reviewed feedback from consumers and industry, and based on this information, we established a view on the effects of existing rules on access to credit.”