The Consumer Financial Protection Bureau is again targeting the credit card industry as the Biden administration comes to a close, arguing Wednesday that card issuers may be violating federal laws if they devalue the rewards earned by cardholders or make them hard to redeem, The Washington Post’s Shannon Najmabadi reports. Director Rohit Chopra said in a statement, “Large credit card issuers too often play a shell game to lure people into high-cost cards, boosting their own profits while denying consumers the rewards they’ve earned.” Publicly traded companies in the space include American Express (AXP), Capital One (COF), Discover (DFS), MasterCard (MA) and Visa (V).
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