Originally Posted by
dcpilgrim
It was part of the Card Act, and adopted Fall 2011.
There was a further rule changed proposed in October 2012 that just ended the 60 day comment period. If adopted household members over age 21 will have to check a box that asserts they will have access to the household income on their apps.
I am no psychic, but I think this will be adopted, and I think it will be in the first half of the year. I track this pretty closely for the same reason.
You are right on all points. Like most regulation it works or worked to plug some holes. Eg young people wo didn't have sufficient income and were not able to handle the credit( and that of course is the governments business to fix) but created unintended consequences like stay at home persons Potentially the
household managers had to provide individual income only when the debt would be paid out of household income. Banks have had regulators reviewing adherence to the rules in effect at any given time and large fines can be levied for non compliance. On balance the new rule should increase the flow of credit for most. And there are till rules for the under21 seeking credit.