In The News

A partner with Buckley Sandler LLP, Manley Williams has composed what may be the first article to consider consumer-rewards programs and the Consumer Financial Protect Bureau’s plans to regulate the burgeoning industry.  Williams, a former staff attorney in the Federal Reserve Board’s division of consumer and community affairs, notes by way of introduction that the industry has waxed huge over the past 30 years.

“Loyalty and rewards programs are ubiquitous,” Williams explains.  “Credit card issuers, hotels, airlines, and retailers offer loyalty, reward, or ‘frequent buyer’ programs to attract new customers and do more business with existing customers.”

According to Williams, the consumer financial services sector generates rewards valued at $180 billion per year, followed by the hospitality industry at $17 billion per year, and retailers at $12 billion a year.  Yet, despite its size and complexity, the rewards market is subject to virtually no federal oversight.

But all that may change, Williams observes.

A partner with Buckley Sandler LLP, Manley Williams has composed what may be the first article to consider consumer-rewards programs and the Consumer Financial Protect Bureau’s plans to regulate the burgeoning industry.  Williams, a former staff attorney in the Federal Reserve Board’s division of consumer and community affairs, notes by way of introduction that the industry has waxed huge over the past 30 years.

“Loyalty and rewards programs are ubiquitous,” Williams explains.  “Credit card issuers, hotels, airlines, and retailers offer loyalty, reward, or ‘frequent buyer’ programs to attract new customers and do more business with existing customers.”

According to Williams, the consumer financial services sector generates rewards valued at $180 billion per year, followed by the hospitality industry at $17 billion per year, and retailers at $12 billion a year.  Yet, despite its size and complexity, the rewards market is subject to virtually no federal oversight.

But all that may change, Williams observes.

A partner with Buckley Sandler LLP, Manley Williams has composed what may be the first article to consider consumer-rewards programs and the Consumer Financial Protect Bureau’s plans to regulate the burgeoning industry.  Williams, a former staff attorney in the Federal Reserve Board’s division of consumer and community affairs, notes by way of introduction that the industry has waxed huge over the past 30 years.

“Loyalty and rewards programs are ubiquitous,” Williams explains.  “Credit card issuers, hotels, airlines, and retailers offer loyalty, reward, or ‘frequent buyer’ programs to attract new customers and do more business with existing customers.”

According to Williams, the consumer financial services sector generates rewards valued at $180 billion per year, followed by the hospitality industry at $17 billion per year, and retailers at $12 billion a year.  Yet, despite its size and complexity, the rewards market is subject to virtually no federal oversight.

But all that may change, Williams observes.