Electronic Payments Coalition Executive Chairman Richard Hunt has criticized the Consumer Financial Protection Bureau (CFPB) for its recent circular on credit card reward programs. Hunt described the release as "politically-motivated and out of touch with the realities of how American families rely on these valuable reward benefits to fight record inflation."

Hunt expressed concern over what he termed the "2024 Durbin-Marshall Retribution Tour," claiming it is supported by the Biden Administration. He emphasized that Americans across all income levels depend on credit card rewards, especially during holiday seasons, to manage expenses such as gas, groceries, and travel.

"If regulators truly wanted to help Americans, instead of embarking on a politically motivated witch hunt to repay Senators Durbin and Marshall’s largest donors by attacking the benefits nearly every household and small business relies on, they would focus on the corporate mega-stores and grocery conglomerates that exorbitantly hiked prices on consumers and manipulated the supply chain to hurt small businesses and undercut their competition during the pandemic," Hunt stated.

The CFPB's investigation into credit card rewards began after Senators Dick Durbin (D-Ill) and Roger Marshall (R-Kan.) reportedly influenced both the Bureau and Department of Transportation following opposition to their proposed legislation affecting credit cards.

The CFPB's press release highlighted the competitive nature of the credit card market, noting that consumers have "more than 500 credit cards" available. The Bureau also emphasized benefits offered by these cards through a comparison tool.

According to Airlines for America data, nearly 80% of Americans own rewards cards. These cards are linked to approximately 15 million flights annually, generating $23 billion in economic activity each year.

A report from May showed 1,200 complaints about reward programs out of 253 million reward cards issued. It also noted an increase in value for credit card rewards.

Hunt concluded by advocating for investment in new technologies and national data security standards as means to strengthen payment systems.