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
05/22/201414:11:15Obama to Pitch Importance of Tourism at Baseball Hall of Fame
05/15/201417:16:53Berkshire Hathaway Takes Stake in Verizon -- Filing
05/03/201416:15:14Buffett Defends Coca-Cola Abstention at Berkshire Meeting...
04/17/201417:12:38MARKET SNAPSHOT: S&P 500's Weekly Gain Is Best Since July 2013
04/17/201413:58:36MARKET SNAPSHOT: U.S. Stocks Set For Weekly Gains
04/17/201410:16:19MARKET SNAPSHOT: U.S. Stocks Lower Amid Mixed Earnings
04/17/201409:18:36U.S. Hot Stocks: Hot Stocks to Watch
04/16/201417:14:51MARKET SNAPSHOT: U.S. Stocks Rally; S&P 500 Positive For The...
04/16/201417:12:11Correction to American Express Earnings Story
04/16/201417:10:07American Express Profit Rises on Higher Revenue
04/16/201417:01:54Capital One Earnings Rise -- 2nd Update
04/16/201416:40:51American Express Quarterly Profit Rises on Higher Revenue
04/13/201408:46:33MARKET SNAPSHOT: Google, Intel, IBM Outlooks To Trump Earnings...
04/10/201412:03:36Judge Dismisses Credit Card Case Against American Express, Citi...
04/07/201417:03:59MARKET SNAPSHOT: U.S. Stocks Fall; Nasdaq 3-day Loss Worst Since...
03/21/201418:51:16Federal Reserve Revises Stress-Test Results -- 2nd Update
03/21/201417:43:36Federal Reserve Revises Stress-Test Results -- Update
03/21/201417:30:09Federal Reserve Revises Stress-Test Results
03/21/201416:26:10American Express CEO Awarded $24.4 Million for 2013 -- Update
03/21/201416:20:11American Express CEO Awarded $24.4 Million for 2013

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