For Immediate Release
October 17, 2012
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Follow us on Twitter: @ABABankingNews

ABA Statement on CFPB’s “Ability to Repay” Proposal

By Kenneth Clayton, ABA’s executive vice president of legislative affairs and chief counsel

​“ABA applauds the CFPB for its proposal to amend federal regulations to make it easier for stay-at-home spouses to get access to credit and build a credit history.  The Bureau responded to a bipartisan consensus in Congress – most notably Financial Institutions Subcommittee Chairman Shelley Moore Capito (R-W.Va.) and Ranking Member Carolyn Maloney (D-N.Y.) – to address this issue. While the devil is in the details, the CFPB’s willingness to address this problem is important. It’s the right thing to do and will help millions of Americans in the process.”

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