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Fed's Implementation Of Credit CARD Act Impacts Homemakers

Sunday, April 22, 2012 - 9:55 AM
It looks like the Federal Reserve isn't just waging a war on savers. In addition to monetary policy, the Fed also implements financial regulations, and a new credit card regulation may have some negative impacts on woman as described in this Nerd Wallet post: The Federal Reserve’s Salvo in the War on Women
[The Credit CARD Act of 2009] required that applicants state their individual income, not the household income. It was assumed that the law would apply only to those under 21, on the theory that students aren’t household decision-makers.

But the Federal Reserve didn’t leave well enough alone. They said that the law applied to everyone, no matter their age: if you don’t get a W-2, you don’t get a credit card. Homemakers – who are 30 times more likely to be women – must now ask their spouse’s permission to get a credit card.

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Ken TuminKen Tumin5,441 posts since
Nov 29, 2009
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