Say what you will about the NRA and the AARP, the most powerful lobby around might be that of motherhood. Just think: public pressure from women’s groups in the interest of stay-at-home mothers actually led the Consumer Financial Protection Bureau to go back and tweak the landmark CARD Act of 2009 – legislation enacted to reform the personal finance landscape.
The Change That Sparked a Movement
You see, the CARD Act contained a so-called “ability-to-pay” clause which required banks to abandon the long-held practice of evaluating household income and personal debts in making credit card approval decisions. In order to help issuers better gauge applicants’ disposable income, issuers were to start considering both debts and liabilities on the individual level.