CFPB Calls on Other Enforcement Agencies to Address Bait-and-Switch Credit Card Rewards Practices
By EsqSocial Corporation 24/12/24
On December 18, 2024, the Consumer Financial Protection Bureau (the “CFPB”) issued a circular to other law enforcement agencies warning that some credit card companies operating rewards programs may be breaking the law, and urging them to take action. The practices in question include, among others, illegally devaluing rewards points and airline miles. The CFPB also published research which found that retail credit cards charge much higher interest rates than traditional cards. In its circular,...
By: Sheppard Mullin Richter & Hampton LLP