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Federal regulators, including the Consumer Financial Protection Bureau (CFPB) and the Department of Transportation (DOT), are intensifying scrutiny on credit card and airline rewards programs. Recent hearings have highlighted issues such as the devaluation of rewards and misleading marketing practices. The CFPB issued a report detailing consumer difficulties with these programs, noting that rewards are often denied or diminished even after meeting program terms. These findings were discussed in a joint hearing led by CFPB's Rohit Chopra and DOT's Secretary Pete, focusing on competition and consumer challenges in the industry. Additionally, Acting Labor Secretary Julie Su testified before a Senate Commerce subcommittee, further emphasizing regulatory focus on consumer protection.
CFPB Rohit Chopra said his agency will be taking aim at what it is describing as "concerning patterns" in the credit card industry's rewards program practices, including stealthy changes to program benefits and manipulation of rewards point values. https://t.co/wyrsaQX0di https://t.co/PKGEWf6LgC
Credit cards and airline rewards are incredibly popular among Americans. The Biden administration officials worry aggressive marketing practices and the dominance of large industry players may harm competition and consumers. https://t.co/GxcPsuRTpA
Do you use points and miles to make travel more affordable? The Credit Card Competition Act could be taking all of that away. Tell your representatives to protect your points. 👇🔗 https://t.co/KLHshwTiGq