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ARTICLE · 23 MAY 2024

The CFPB Turns Its Focus To Credit Card Reward Programs

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The Consumer Financial Protection Bureau (CFPB or Bureau) released a new report spotlighting common consumer complaints for credit card rewards programs.

United StatesFinance and Banking
Jeremy M. McLaughlin
Jeremy M. McLaughlin

The Consumer Financial Protection Bureau (CFPB or Bureau) released a new report spotlighting common consumer complaints for credit card rewards programs. The Bureau and its Director, Rohit Chopra, have been focused on payments oversight, including by proposing a rule last Fall that would apply to nonbank entities that provide digital wallets. The new report discusses the relationship between consumers and the providers of reward programs, and it stresses the need for fairness and transparency.

Rewards programs have grown in popularity in recent years, and increased usage raises regulatory risk. In 2023, for example, the CFPB received more than 1,200 complaints involving credit card rewards. The report highlights four recurring issues:

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