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On December 24, the FDIC and CFPB announced a settlement with American Express Centurion Bank concerning charges of unfair and deceptive marketing practices related to credit card "add-on products" in violation of Section 5 of the Federal Trade Commission Act.
On December 24, the FDIC and
CFPB announced a settlement with American
Express Centurion Bank concerning charges of
unfair and deceptive marketing practices related
to credit card "add-on products" in violation of
Section 5 of the Federal Trade Commission
(FTC) Act. Together, the FDIC and
CFPB will require restitution of no less than
$40.9 million. The OCC and
CFPB also announced actions against other American
Express affiliated institutions for the same unfair and deceptive
practices.
Release.
Order.
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