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Shelley Moore Capito

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CFPB Changes Stay-at-Home Spouse Rule

The federal government's consumer watchdog has changed a regulation to make it easier for stay-at-home parents and others who don't work to be approved for new credit cards.Monday, the Consumer Financial Protection Bureau finalized a regulation change to allow card companies to consider financial support from other people when evaluating a consumer's credit-card application. It changes a 2011 regulation under which banks were allowed to consider only the applicant's income.The 2011 regulation and its more accommodating new version both grew out of the Credit CARD Act of 2009 . Its underlying purpose was to clamp down on students getting cards and racking up debt they couldn't repay, and it required individuals applying for credit to demonstrate an ability to repay what they borrowed.As originally written, though, the regulation had a side-effect impacting more than students: Its "ability to repay" language meant that anyone who relied on someone else's income -- including stay-at-home ...

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  1. The Dangers of Big Spending

    Rep . Shelley Moore Capito (R-W. Va) on what's next for the $1T health-care bill.

  2. Obama's Push for Health Care

    Rep . Shelley Moore Capito , (R-WV), and Rep. Joe Sestak, (D-PA), react to the president's speech on health care.

  3. Obama's Regulation Reform

    Rep . Shelley Moore Capito , (R-WV), and Rep. Jim Himes, (D-CT), break down what's included in the president's plans to overhaul financial regulation.

  4. Bigger Role For The Federal Reserve?

    Rep . Shelley Moore Capito , (R-WV), and Rep. Jim Himes, (D-CT), on whether the Federal Reserve should play a bigger role in regulation.

  5. 'New' Geithner Hits Hill

    Geithner answers questions at House Hearing.

  6. The Heat is on AIG

    AIG CEO Edward Liddy heads to Capitol Hill.

  1. Bankers, Lawmakers Take Aim at Basel Rules

    Several banking and insurance executives on Thursday took aim at bank-capital standards being developed by U.S. regulators, amid bipartisan criticism about how the p...

  2. When Will the Fiscal Cliff be Addressed?

    Rep . Shelley Moore Capito , (R-WV), on efforts to reform the tax code and avoid the fiscal cliff.

  3. Rep. Capito on J.P. Morgan Debacle: Where Were Regulators?

    Representative Shelley Moore Capito , (R-W. Va.), weighs in on J.P. Morgan CEO Jamie Dimon's second session before Congress.

  4. INTERVIEW: US Rep Capito: JPMorgan Should Be More Forthcoming

    U.S. senators aren't the only ones who think JPMorgan Chase & Co. (JPM) chief executive James Dimon needs to testify on the firm's more than $2 billion trading blund...

  5. Rep. Bachus: JP Morgan Remains Profitable, Viable After Trading Loss

    A top U.S. House Republican on Wednesday defended J.P. Morgan Chase & Co. (JPM) in the wake of more than $2 billion trading loss disclosed last week, saying the blun...

  6. Tighter Privacy Rules Sought For Bank Documents

    WASHINGTON -- A legal issue causing widespread angst among banks supervised by the new Consumer Financial Protection Bureau is triggering bipartisan concern on Capit...

  7. Alternative Energy Hurting the Coal Industry

    Rep . Shelley Moore Capito , (R-W.Va.), breaks down the government’s impact on the coal industry.

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