rewards

CFPB and DoT host joint hearing on airline and credit card rewards programs; CFPB releases report on credit card rewards complaints

By Kristen E. Larson on May 13, 2024

On May 9, 2024, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Transportation (DoT) held a 98-minute joint hearing on airline and credit card rewards programs. CFPB Deputy Director Zixta Martinez introduced the panel and public commenters.

In his opening remarks, Secretary of Transportation Pete Buttigieg compared frequent flyer and credit card rewards to savings accounts. … Continue Reading

This week’s podcast: a discussion of co-brand credit card rewards and loyalty programs

By Barbara S. Mishkin on March 28, 2019

Posted in Credit Cards, Regulatory and Enforcement

In this week’s podcast, we look at co-brand credit card rewards and loyalty programs from the differing perspectives of banks and their merchant partners, including why these programs are important and the issues and challenges they present. We also discuss marketplace trends, assess the risks created by the current regulatory environment, and offer steps for reducing such risks.… Continue Reading

Director Cordray confirms CFPB plans to examine credit card rewards programs

By CFPB Monitor on November 20, 2013

Posted in Credit Cards, Regulatory and Enforcement

According to a Bloomberg report by Carter Dougherty, Director Cordray confirmed last week that the CFPB will be looking at credit card rewards programs. Director Cordray is reported to have indicated that the CFPB will be focusing on rewards program disclosures and considering the need for additional protections.

The Bloomberg report also indicated that, according to an individual at the CFPB involved in the project, the CFPB’s interest in rewards programs was not triggered by consumer complaints, as complaints related to such programs represent only a small percentage of total credit card complaints received by the CFPB. … Continue Reading