Sen. Elizabeth Warren wrote to Bilt Rewards CEO Ankur Jain demanding data on payment glitches that followed the fintech’s February relaunch of its rewards‑for‑rent card. The card, popular for earning points on rent, shed its partnership with Wells Fargo and introduced three new products, two of which now carry annual fees. Cardholders quickly flooded social media with reports of delayed rent transfers and erroneous charges overall.

Warren’s letter, obtained by the Wall Street Journal, cites the Consumer Financial Protection Bureau’s silence during the Trump administration as a factor in the agency’s limited oversight. She asks for the number of customers whose rent or mortgage payments failed during the transition and seeks artificial‑intelligence chatbot details to the public on the chatbot deployed for customer service, questioning its reliability.

The probe highlights how a product redesign can trigger operational risk and invite regulatory scrutiny, especially when rewards structures become more complex. Investors watching Bilt’s shift away from a fee‑free model may reassess the company’s growth prospects, while the Senate Banking Committee’s involvement signals heightened congressional interest in fintech consumer protections and could affect its valuation.