AmEx Faces Potential CFPB Fines Over Credit Card Laws

Law360, New York (August 3, 2012, 1:45 PM EDT) -- American Express Co. on Thursday warned that it could be forced to pay refunds to customers after the Consumer Financial Protection Bureau and other financial regulators found violations of consumer finance laws.

In its quarterly earnings filing with the U.S. Securities and Exchange Commission, American Express said the Federal Deposit Insurance Corp. had passed along information to the CFPB regarding problems with credit card marketing at one of the company's subsidiaries, Centurion Bank. The company revealed in February that the FDIC planned to bring an enforcement...
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