ADVFN - Advanced Financial Network.
HOME» NYSE » A » AXP Stock Price » AXP Stock News

American Express Share News

 American Express Co. Stock Price
AXP Stock Price
 American Express Co. Stock Chart
AXP Stock Chart
 American Express Co. Stock News
AXP Stock News
 American Express Co. Company Information
AXP Company Information
 American Express Co. Stock Trades
AXP Stock Trades

American Express Says CFPB May Take Action Against Two Bank Subsidiaries

By Andrew R. Johnson American Express Co. (AXP), the largest U.S. credit-card lender by spending, said Thursday the U.S. government's consumer-finance watchdog may take action against both of the credit-card lender's U.S. banking subsidiaries. The disclosure follows an earlier disclosure that the Consumer Financial Protection Bureau, as well as the Federal Deposit Insurance Corp. and Utah Department of Financial Institutions, were reviewing the company's practices for potential violations of consumer-protection laws. It said in February that the FDIC notified American Express' Centurion Bank, one of the subsidiaries that issues the lender's cards, of plans to issue an enforcement action against it, and it expected the CFPB to follow suit. "The CFPB also recently indicated that it may take enforcement action against the company's other U.S. banking subsidiary," American Express Bank FSB "for certain card practices similar to those at Centurion Bank," American Express said in the Thursday filing. A spokesman for the New York-based lender declined to comment. American Express has changed some of its "card practices and products" in response to discussions with regulators and set aside money for expected customer refunds, the filing said. Chief Financial Officer Dan Henry last month said on an earnings conference call the company has made changes related to "pricing, disclosure or collections." Other credit-card lenders have disclosed regulatory probes in recent months. Capital One Financial Corp. (COF) last month agreed to pay $210 million to settle claims by the CFPB and Office of the Comptroller of the Currency that call-center representatives misled consumers when pitching payment-protection plans and credit-monitoring products. The amount included $150 million for customer refunds. The CFPB and FDIC have been investigating Discover Financial Services (DFS) over its marketing of payment-protection and other add-on products pitched to credit-card customers, according to company filings. Discover has said it expects the regulators to take joint enforcement action against it. American Express also said Thursday that it's "reasonably possible" losses related to legal and governmental matters could reach $520 million over and above what it has already accrued for such matters. It previously estimated such losses could reach $510 million. American Express' shares closed down 0.6% at $56.49 Thursday. Write to Andrew R. Johnson at andrew.r.johnson@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for American Express (AXP)
DateTimeHeadline
05/26/201516:59:43Statement of Changes in Beneficial Ownership (4)
05/26/201511:10:02American Express EveryDay Card: A Great Choice for Frequent Users
05/24/201513:00:11Is This the Wrong Time for American Express to Raise its Dividend?
05/24/201508:22:02Amazon Rewards Card: Is It Right for You?
05/21/201516:51:24Statement of Changes in Beneficial Ownership (4)
05/21/201511:50:00Leading Culinary Talent to Share Insights at 26th Annual American...
05/20/201512:15:10What Is the S&P 500 Index?
05/19/201515:03:17Statement of Changes in Beneficial Ownership (4)
05/19/201510:07:02FinTech on the Rise: How Millennials Could Set New Precedents...
05/19/201510:01:00American Express Executives to Participate in Upcoming Conferences
05/18/201521:09:03The 30 Dow Jones Stocks
05/18/201509:30:00Women-Owned Firms Helping to Fuel Economic Growth; Leading Job...
05/17/201509:00:02Edward Jones Credit Card: Good Product, But Is It Right for You?
05/15/201512:01:30Current Report Filing (8-k)
05/14/201514:33:00Check Please! American Express and Chiliâs Pair Up; Allow Card M...
05/14/201510:10:02Warren Buffett's Portfolio: 2 Financial Companies the Oracle...
05/14/201509:30:00American Express Announces Exporting Program to Help Middle Market...
05/13/201517:40:43Credit-Card Firms Reap Rewards of Consumer Brand Loyalty
05/13/201516:15:15Statement of Changes in Beneficial Ownership (4)
05/13/201516:09:38Statement of Changes in Beneficial Ownership (4)

American Express and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad