The House Financial Services Subcommittee on Financial Institutions and Consumer Credit planned a hearing Wednesday on the Federal Reserve's final rule on the CARD Act's Ability to Repay Requirement.
The rule, which took effect Oct. 1, 2011, excludes household income when determining a credit card applicant's ability to repay credit card debt. Opponents argue the rule is unfair to non-working spouses.
"First, and fundamentally, the independent income standard fails to recognize that family households are typically joint economic enterprises," witness Oliver Ireland said in his testimony, released in advance of the hearing. The attorney who specializes in financial services issues worked for the Federal Reserve Board for 26 years.
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