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CFPB Targets Credit Card Rewards Amid Complaints

CFPB Targets Credit Card Rewards Amid Complaints

The U.S. Consumer Financial Protection Bureau (CFPB) is set to investigate credit card reward programs due to a notable increase in consumer complaints. At a recent industry conference, CFPB Director Rohit Chopra announced the agency's intention to scrutinize these programs, which have been critiqued for their potentially deceptive practices. Chopra highlighted issues such as the opacity of terms and conditions that can lead to rewards being revoked or difficult to redeem. This move is in line with the CFPB's broader mission to safeguard consumers from unfair financial practices and follows previous clashes between Chopra and credit card issuers regarding regulations on late fees. The agency is also considering the regulation of "Buy-now, pay-later" (BNPL) services, as these platforms evolve and potentially use personal data to encourage more purchasing and borrowing. The CFPB's scrutiny reflects Chopra's, a protégé of Senator Elizabeth Warren, commitment to robust risk management and stricter financial industry regulation.

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