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American Express resolves regulatory review of products in US Territories.

BANKING AND CREDIT NEWS-August 25, 2017-American Express resolves regulatory review of products in US Territories


American Express company (NYSE:AXP) has agreed with the Consumer Financial Protection Bureau (CFPB) to resolve issues that grew out of a previously disclosed internal review of its card product offerings in Puerto Rico, the US Virgin Islands (PRVI) and the Pacific Territories, the company said.

A consent order was signed by the CFPB, American Express Centurion Bank and American Express Bank, FSB.

As part of an internal review that the company began in 2012, it determined that certain cards issued in those markets through its international business did not uniformly have the same terms, conditions and features as the cards the company offered in the Continental United States. The company routinely customizes products for the United States and for markets around the world to ensure that its services and benefits are locally relevant and provide superior value to Card Members. The products in the US Territories were very competitive with local offerings, and they were always made available to qualified individuals without regard to race or ethnicity. However, by law, these products should not have varied from their Continental US counterparts.

American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success.

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Publication:M2 Banking & Credit News (BCN)
Date:Aug 25, 2017
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