American Express says it may be the next company to be targeted by the Consumer Financial Protection Bureau’s enforcement actions.
Last month, Capital One was ordered to pay $210 million in refunds, fines and penalties, after the CFPB determined the financial institution was engaging in “deceptive marketing tactics.”
At least one, and possibly two, of American Express’ business divisions may soon have to make a similar payout, Bloomberg Businessweek’s Dakin Campbell notes. In the meantime, the company will “continue to make changes to certain of [its] card practices and products and established accruals for, among other costs, expected refunds to cardmembers,” an SEC filing shows.
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