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Stay-at-home moms unqualified for credit cards because of 2009 law

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Betsi Fores The Daily Caller News Foundation
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A group of disgruntled stay-at-home moms is fighting back against a 2009 law that limits credit card access to people with proof of income.

The group says the Credit CARD Act of 2009 sets women back half a century, according to an online petition at change.org.

Credit card reform legislation, that came in the CARD Act of 2009, was passed to “establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes,” writes govtrack.us.

Intending to limit irresponsible lending, the law requires credit card applicants to provide proof of income in order to qualify. Stay-at-home moms, with no income, do not qualify for approval, unless their husbands co-sign for the card, which has the group of angered moms fighting back.

“It is 2012, and because I’m a stay at home mom, I can’t get my own credit card,” the petition reads. “My husband has to give me permission to get my own line of credit. This is demeaning and flat out unfair.”

The petition, which reached 30,000 signatures May 4, was started by a mom, Holly McCall, in partnership with an online mom group, momsrising.com. The group is also asking their members to send a letter to the Consumer Financial Protection Bureau, claiming “the new rules send a message that stay-at-home parents are not as credit-worthy as young adults still in school without their own income.”

According to their website, Momsrising.com is an online community for stay-at-home moms to take action on policy issues like toxic chemicals, health care and maternity and paternity leave.

The Credit Union Times reported that McCall and members of MomsRising met with Richard Cordray of the Consumer Financial Protection Bureau. After delivering a petition with more than 45,000 signatures, Cordray told the moms he would look into the implementation of the CARD Act to see if they could fine a solution.

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Betsi Fores