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Commentary: Phil Kerpen - Credit card rewards are in political peril Phil Kerpen FacebookTwitterEmail The same politicians who mostly killed free checking and debit card rewards programs through government price controls are setting their sights on credit cards – and that means miles, cash back, and other rewards are now in jeopardy. That’s a potential political earthquake, because a recent study found that 84 percent of all credit cards are rewards cards, and 70% of cardholders who make less than $20,000 a year have rewards cards. Many small businesses also rely on rewards cards – espe...

The same politicians who mostly killed free checking and debit card rewards programs through government price controls are setting their sights on credit cards — and that means miles, cash back, and other rewards are now in jeopardy. That’s a potential political earthquake, because a recent study found that 84 percent of all credit cards are rewards cards, and 70 percent of cardholders who make less than $20,000 a year have rewards cards. Many small businesses also rely on rewards cards — especially cash-back cards. Those individuals and small businesses need to engage quickly ...

By Phil Kerpen | July 8, 2021 | 2:29pm EDT Sen. Dick Durbin (D-IL) gives an address. (Photo credit: Paul Morigi/WireImage) The same politicians who mostly killed free checking and debit card rewards programs through government price controls are setting their sights on credit cards – and that means miles, cash back, and other rewards are now in jeopardy. That's a potential political earthquake, because a recent study found that 84 percent of all credit cards are rewards cards, and 70 percent of cardholders who make less than $20,000 a year have rewards...

European Committee of the Regions Backs Tougher Digital Regulation July 7, 2021 @ 11:28 pm By Tony Zerucha A group of local and regional representatives has thrown its support behind the European Union’s stance on regulating digital markets. During the June plenary session, the European Committee of the Regions(ECR) adopted an opinion supporting the European Commission’s intention to provide tougher regulation of digital markets and services while also highlighting the innovations offered by the new technologies. The European Commission’s Digital Services Act package consists of the Di...

[co-authors: Stephanie Duchesneau and Samuel Klein] Weekly Fintech Focus Federal financial regulators extend the deadline for responding to its request for information about financial institutions’ use of AI. The CFPB issued FAQs on electronic funds transfers under EFTA and Regulation E to address issues related to fraud and private network rules. The Federal Reserve proposed a rule to update the Durbin Amendment/Reg. II to ensure two debit networks are available, including for card-not-present transactions. The Federal Reserve proposed a rule to apply Regulation J to FedNow transactions a...