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CFPB RIN: 3170-AA28 Publication ID: 2012 
Title: ●Credit Card Accountability Responsibility and Disclosure Act of 2009/Ability to Pay (Regulation Z) 
Abstract: On April 25, 2011, the Board of Governors of the Federal Reserve System (Board) issued a final rule that, among other things, amended the provisions of Regulation Z that implement the requirement in the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act) that card issuers consider a consumer's ability to pay (ATP) before opening a new credit card account or increasing the credit limit on an existing account. These amendments expanded the pre-existing independence standard applicable to consumers under the age of 21 to all consumers, regardless of age. The CFPB issued a proposed rule that further amends the ATP provisions of Regulation Z to address concerns that the current rule unduly limits the ability of spouses and partners not working outside the home to obtain credit cards based on spousal/partner income. The proposal eliminates the independent ability-to-pay requirement for consumers and applicants age 21 or older and instead permits card issuers to consider income and assets to which a consumer or applicant has a reasonable expectation of access. Following the review and assessment of comments on the CFPB's proposal, it intends to issue a final rule. 
Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 12 CFR 1026.51   
Legal Authority: 12 USC 5512    12 USC 5581    15 USC 1601 et seq   
Legal Deadline:  None
Action Date FR Cite
NPRM  11/07/2012  77 FR 66748   
NPRM Comment Period End  01/07/2013 
Final Rule  04/00/2013 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Andrea Edmonds
Office of Regulations
Consumer Financial Protection Bureau
Phone:202 435-7700