The CFPB, with the CARD Act, made it very hard for non-income earners to obtain credit cards. This might legitimately negatively impact, for example, non-working spouses married to stable income earners.

So, the CFPB has changed its mind.  Blerg!!! Talk about an environment of uncertainty. Talk about being hurt by the people who are supposedly helping us. Talk about top-down being a top shelf failure!

Question: why not just let the credit card companies decide who should get credit and who shouldn’t? After all, it is the credit card company, not the CFPB, who is on the line in the case of default.

But it’s the taxpayer on the line if the credit card companies have to get bailed out, you protest! Uh huh…and why is that? (Answer: more “regulatory” interference in the form of the bailout and policies like too big to fail. So, yes, “Regulatory failure”.)

-JD Cross