In 2009, the Credit CARD Act was passed and signed into law as part of reforms to the financial system.  It essentially said that credit card companies had to consider individual income rather than household income when determining credit-worthiness.

This meant that stay at home housewives and mothers were being denied credit because they had no earned income.

This motivated Holly McCall, a stay at home mother of two, to start a petition on change.org.  Over 40,000 people have signed the petition since April 2004.

The Consumer Financial Protection Bureau has heard them loud and clear.  Director Richard Cordray confirmed that the rule will be changed.

It is expected that the new regulation would go into effect after the election.

BusinessInsider.com and Moneyland.time.com contributed background for this article.