Nintendo Life said:Nintendo Changes Club Nintendo Privacy Policy
Posted Fri, 06 May 2011 by James Newton
Accept or lose your rewards
Nintendo of Europe and Nintendo of America have revised the privacy policies of their respective websites, asking users to login and accept the changes or risk losing those hard-earned Club Nintendo coins or VIP Stars.
To keep using the site, users must login and accept the changes before 31st May 2011. If users reject the changes, they can still continue using the site until the end of this month, but after that point VIP Stars and coins will be long gone.
To preserve your perks, log into the North American Club Nintendo or European Club Nintendo sites and accept the changes.
Source
Even though I'm not a member, I think this is stupid. Why should we have to accept the rewards? We deserved the reward. But no, Nintendo is going to make you accept them, or lose them.