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Good morning.<\/strong> Americans love their loyalty points. Almost three-quarters of them use a credit card that lets them earn rewards. And the income generated from issuing those points is critically important to many players in the Fortune 500, especially airlines, hotels, and merchants. Delta Air Lines alone reported a 6% increase in loyalty revenue last year, with co-brand income from Amex up 11% to $8.2 billion.\u00a0<\/p>\n U.S. companies are expected to issue or redeem about $26 billion in points for customers this year. That doesn\u2019t include the hundreds of billions of dollars in uncashed points that keep people tethered to their loyalty programs, despite devaluations, or perks that are hard to redeem. Along with generating revenue, those programs generate data that lets companies recognize and engage their most valuable customers. That might soon change.<\/p>\n Get ready for a raft of legislation that could cut points and consumers\u2019 ability to accrue them. Lawmakers have reintroduced the Credit Card Competition Act, which forces issuers to put two unaffiliated networks on each card, allowing merchants to pick the cheaper one at the point of sale. And last week a federal judge upheld an Illinois state law, the Interchange Fee Prohibition Act, which bans swipe fees on taxes and tips, which could lead to higher card fees and reduced rewards. Other states are also targeting so-called interchange fees.<\/p>\n Although intended to lower fees for merchants and customers, this push threatens a form of currency that consumers like me really value. It also impacts the business models of airlines and other companies that rely on points. For a perspective from the front lines, I checked in with Brian Kelly, founder of The Points Guy. Along with building a travel and lifestyle platform that helps people navigate points, Kelly is a powerful advocate for improving the loyalty economy.\u00a0<\/p>\n \u201cThere is an existential crisis happening around the rewards and credit card space,\u201d Kelly told me last week. \u201cI don\u2019t think enough people realize the ramifications of these laws.\u201d<\/p>\n He\u2019s right: If retailers can choose which network to use for transactions, they\u2019ll naturally pick one with lower swipe fees than the 2-3.5% that credit cards often charge. For consumers, that could mean fewer points and possibly fewer of the fraud protections or other perks that those fees help sustain. The Illinois ban on fees for taxes and tips adds another layer of friction.\u00a0<\/p>\n These are complex laws that aim to achieve a multiplicity of goals. Kudos to New York for making it harder to devalue points without warning. But taking aim at fees also threatens the ecosystems they\u2019ve created. Kelly even calls it un-American: \u201cWe\u2019re going to allow a retailer to decide how a customer pays for a purchase with their own money? If retailers want people to use their debit card, then they should incentivize it.\u201d And companies that want to retain the loyalty of their best customers may need to get more creative than relying on credit-card spending to boost their coffers.<\/p>\n Contact CEO Daily via Diane Brady at diane.brady@fortune.com<\/em><\/p>\n Corporate accountability for the Epstein files<\/b><\/p>\n Many business leaders were named in the latest round of Epstein files, and some have since lost their jobs or leadership posts. But the sheer number of people implicated, the varying degrees of association with Epstein, and other complicating factors have made repercussions for others <\/span>slower to emerge<\/span>.<\/span><\/p>\n IBM triples-down on entry-level hiring<\/b><\/p>\n IBM CHRO Nickle LaMoreaux <\/span>said<\/span> last week that the company is \u201ctripling our entry-level hiring,\u201d particularly for jobs that are expected to be displaced by AI. The company has accounted for AI fluency in the duties assigned to new hires but asserts that employers that \u201cdoubled down on entry-level hiring in this environment\u201d will be the most successful in the future.<\/span><\/p>\n Checking in with Forgent post-IPO<\/b><\/p>\n Forgent Power Solutions went public earlier this month, less than a year after the electrical distribution equipment company came together as a merger between four legacy firms. With the need for the company\u2019s equipment surging as AI projects demand energy, CEO Gary Niederpruem <\/span>told <\/span>Fortune<\/span><\/i> that he jokes the company is \u201cbringing sexy back in the electrical distribution space.\u201d<\/span><\/p>\n S&P 500<\/b> futures were down 0.15% this morning. The last session on Friday closed up 0.05%. <\/span>STOXX Europe 600<\/b> was up 0.24% in early trading. <\/span>The U.K.\u2019s FTSE 100<\/b> was up 0.45% in early trading.<\/span> Japan\u2019s Nikkei 225<\/b> was down 0.42%<\/span>. Chinese markets <\/b>are closed for the New Year, as are<\/span> South Korean markets<\/b>.<\/span> India\u2019s NIFTY 50<\/b> was up 0.14%.<\/span> Bitcoin<\/b> was at $68K.<\/span><\/p>\n Lowe\u2019s CEO used to make $4.35 an hour working at Target. His secret to climbing the corporate ladder was volunteering for jobs \u2018nobody else wanted\u2019<\/span> by Sydney Lake<\/span><\/p>\n Cisco CEO says all people who are wildly successful in tech share 3 traits<\/span> by Preston Fore<\/span><\/p>\n How 100?year?old Caterpillar went from making construction equipment to becoming an AI market darling<\/span> by Sheryl Estrada<\/span><\/p>\n Brian Moynihan isn\u2019t so worried about an AI jobs bloodbath, pointing to a 1960s theory that computers would end all management roles<\/span> by Eleanor Pringle<\/span><\/p>\n U.S. literally can\u2019t afford to lose superpower status as debt looms\u2014so we\u2019re stuck in an \u2018increasingly loveless\u2019 marriage with Europe, analyst says<\/span> by Jason Ma<\/span><\/p>\n CEO Daily is compiled and edited by Joey Abrams, Claire Zillman and Lee Clifford.<\/p>\n<\/div>\n #Points #Guy #blasts #proposed #legislation #upend #credit #card #loyalty #programs<\/p>\n","protected":false},"excerpt":{"rendered":" Good morning. Americans love t… <\/p>\n","protected":false},"author":1,"featured_media":22579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[4153,6255,451,1869,7059,9715,9403,3042,1381,6285,541],"_links":{"self":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/22578"}],"collection":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22578"}],"version-history":[{"count":0,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/22578\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/media\/22579"}],"wp:attachment":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\nTop leadership news<\/h3>\n
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