Fed Ends 2012 Enforcement Action Against American Express

Law360, Los Angeles (January 11, 2018, 9:30 PM EST) -- The Federal Reserve on Thursday released American Express Co. from a 2012 enforcement action that called on the credit card giant to refund $85 million to about 250,000 customers after banking regulators uncovered pervasive deceptive practices throughout the company and its subsidiaries.

The termination means American Express is no longer required to submit quarterly progress reports to the Fed on its regulation compliance risk management program, which it was ordered to develop after multiple government agencies found consumer finance law violations at multiple AmEx subsidiaries....
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