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U.S.: Consumer Union praises CFPB decision on American Express

By  |  October 8, 2012

The Consumer Union, the policy and advocacy division of Consumer Reports, praised the action by the CFPB to enforce strict a strict pecuniary ruling on American Express. According to the ruling, American Express will refund an estimated $85 million to some 250,000 customers for illegal credit card practices. According to the bureau, American Express subsidiaries charged unlawful late fees, misled customers about enrollment benefits and debt collection, unlawfully discriminated against applicants on the basis of age, and failed to report consumer disputes to credit bureaus.

Pamela Banks, the senior policy counsel at Consumers Union, said, “The CFPB is clearly putting credit card companies on notice that, if you break you law, you’re going to be held accountable. This is why we pushed for the creation of a watchdog like this, to stand up for consumers when they get ripped off.”

Full Content: InfoZine

Related Content: CFPB Enforcement, A Cautionary Tale

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