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
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