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CFPB RIN: 3170-AA28 Publication ID: Spring 2013 
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. On November 7, 2012 the CFPB published a proposed rule that further amended 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 eliminated 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. The CFPB issued a final rule on April 29, 2013 (published in the Federal Register on May 3, 2013). 
Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: uncollected 
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  05/03/2013  78 FR 25818   
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