ABA Statement: Today’s CFPB and DOT Hearing on Credit Card Rewards Puts Politics Over Policy

"Today's unusual public hearing on airline and credit card reward programs is yet another example of the CFPB putting politics over policy to the detriment of the very consumers it is charged with protecting. At a time when retailers and merchants are pushing a misguided bill in Congress that threatens to eliminate these popular programs, we would hope the Bureau and the DOT would be focused on preserving access to reward offerings rather than calling them into question.

"The credit card market in the U.S. is highly competitive, and consumers have hundreds of card issuers and thousands of card reward programs to choose from. In a recent Morning Consult survey, nine in 10 consumers (93%) said that they value the convenience of using their credit cards. Eight in 10 (80%) have at least one credit card that offers rewards, and 88% say they value the rewards program on their credit cards. By a more than 2-to-1 margin (63% vs. 24%), consumers say they would be disappointed to lose the rewards program on their credit cards due to government regulatory changes. If the Bureau wants to truly help consumers, it should start by defending the credit card reward programs that Americans use every day to stretch their dollars and help make ends meet."

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About the American Bankers Association

The American Bankers Association is the voice of the nation's $23.7 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $18.8 trillion in deposits and extend $12.5 trillion in loans.