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Volume 25 - Number 01

January 6, 2014

CFPB Compels AmEx to Pay $69 M To Settle Credit Card Allegations

Last month, the CFPB ordered American Express to refund an estimated $59.5 million to more than 335,000 consumers to resolve allegations of illegal credit card practices. The charges include unfair billing tactics and deceptive marketing related to credit card “add-on products” such as payment protection and credit monitoring. The credit card giant also will pay an additional $9.6 million in civil penalties to the CFPB. Further, the bureau has been coordinating this action with the Federal Deposit Insurance Corp. and the Office of the...

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