Although we all wish this is how it worked, it's not. Reward programs are pretty much unregulated and banks can do what they want - close your account, take your points, change value of points, etc. None of it is illegal. Every reward CC that I've seen has terms and conditions t that state they have the right to take your points at any time for any reason. It may suck, but it's the terms we agree to when opening the account.

Doesn't mean I wouldn't try a CFPB complaint anyway - just that the bank does have their behinds covered and is allowed to do what they want with your points.