Rewards programs drive consumer choice and activity in connection with credit cards and other financial services. The CFPB has reported the most important element by far that influences a consumer’s decision to apply for a specific credit card is the rewards program associated with the card. Further, rewards can affect the consumer’s choice at the point of sale as to which card to use.… Continue Reading
credit card rewards
CFPB and DOT Hosting Joint Hearing on Credit Card and Airline Rewards Programs
Posted in CFPB, Credit Cards
In furtherance of the Biden Administration’s “junk fee” agenda, on Thursday, May 9, 2024, the Consumer Financial Protection Bureau and the U.S. Department of Transportation will host a hearing on airline and credit card rewards programs. CFPB Director Rohit Chopra and Secretary of Transportation Pete Buttigieg will moderate a discussion with the following industry representatives, labor leaders, and consumer advocates:
- Scott DeAngelo, Executive Vice President and Chief Marketing Officer, Allegiant Air
- Morgan Harper, Director of Policy and Advocacy, American Economic Liberties Project
- Andrew Grimm, President and CEO, Apple Federal Credit Union
- Sara Nelson, International President, Association of Flight Attendants
- Lukas Johnson, Chief Commercial Officer, Breeze Airways
- Erin Witte, Director of Consumer Protection, Consumer Federation of America
- Robert Patrick Cooper, Senior Vice President and General Counsel, OneUnited Bank
We will attend the joint hearing and blog about it thereafter. … Continue Reading
New York delays effective date of law requiring credit card rewards points grace period
By Kristen E. Larson on
Posted in Credit Cards, State regulation
Earlier this year, New York delayed the effective date of its new law requiring card issuers to provide a grace period for using credit card rewards points that was slated to be effective later this week.
The delay means that the effective date of the new law is now December 10, 2023. … Continue Reading