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The Independent UK
The Independent UK
Business
J.R. Duren

Government agency skewered by banking group for stern take on credit card rewards programs

Bureau Consumer Financial Protection Bureau Russell Vought the American Bankers Association CFPB The Associated Press
The Consumer Financial Protection Bureau, which protects consumers from wrongdoing by financial institutions, sent a memo in December 2024 which claimed that consumers were complaining that credit card issuers were manipulating the valuation and issuing of reward points - (Copyright 2025 The Associated Press. All rights reserved.)

Law enforcement may back off future investigations into alleged credit card issuer rewards manipulation after a federal government memo on such probes came under fire this week from the American Bankers Association.

The association, which represents the banking industry, sent a letter to the U.S. Consumer Financial Protection Bureau’s acting director, Russell Vought, characterizing the agency’s concern over rewards manipulation as “unfounded.”

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