American Express has agreed to pay $16.2 million in fines to federal regulators and provide at least $59.5 million in consumer refunds to settle charges of unfair billing tactics and deceptive marketing of credit card “add-on” products such as identity theft protection.
The Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation announced separate but related consent orders Dec. 24 that target marketing and billing practices by American Express and its subsidiaries from 2000 to 2012.
The OCC announced a $3 million penalty against American Express Bank, F.S.B., of ...
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