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
04/01/201515:05:02How Should I Choose a Secured Card?
04/01/201513:14:02Why Smart Money Loves This Dow Stock
03/31/201513:15:00American Express Plans Live Audio Webcasts of the First Quarter...
03/31/201510:02:03American Express and Costco: Who Divorced Who?
03/30/201515:07:25Additional Proxy Soliciting Materials (definitive) (defa14a)
03/30/201515:07:25Additional Proxy Soliciting Materials (definitive) (defa14a)
03/30/201515:02:18Proxy Statement (definitive) (def 14a)
03/30/201509:04:44Warren Buffett Vs. David Einhorn: Who Is Better At Picking Stocks?
03/29/201520:06:02Warren Buffett: 3 Ways to Protect Your Savings From a Crisis
03/29/201513:06:06In Case You Missed It, Warren Buffett Has Bought Millions of...
03/28/201502:26:40What's Going On?
03/27/201521:36:43American Express Down 14% Year To Date, But We're Staying Long
03/27/201514:04:35Why American Express Gave Costco the Boot (and Not the Other...
03/27/201512:30:023 Best Dividend Stocks for Growth Investors
03/27/201512:05:02Why American Express Gave Costco the Boot (and Not the Other...
03/27/201507:06:04American Express Scores High On Buyback Effectiveness
03/27/201505:10:00Real Estate 2015 Trends: Fewer to Move, More to Renovate
03/26/201521:09:30Portfolio Changes For The First Quarter Of 2015
03/25/201518:02:32AmEx Offers Few Details on Revenue Plans -- 2nd Update
03/25/201515:51:09American Express to Seek Stay of Judge's Ruling in Antitrust...

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