AmEx Says FDIC Plans Action Over Charge Card Late Fees

Law360, New York (February 24, 2012, 5:16 PM EST) -- American Express Co. said in a Friday regulatory filing that federal and Utah banking regulators are likely to take action against its Centurion Bank unit over the way it assesses late fees on some of its charge cards.

The Federal Deposit Insurance Corp. told Centurion Bank in February that it plans to take formal enforcement action against the bank, and it “appears likely” the Consumer Financial Protection Bureau and Utah Department of Financial Institutions will as well, according to American Express' annual report to the U.S....
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