Company Overview of American Express Bank, FSB
American Express Bank, FSB operates as a provider of mortgages and home equity loans, bank lending, and deposit products and services. The company is based in Salt Lake City, Utah. American Express Bank, FSB operates as a subsidiary of American Express Travel Related Services Co., Inc.
4315 South 2700 West
Salt Lake City, UT 84184-0000
Founded in 2000
Key Executives for American Express Bank, FSB
American Express Bank, FSB does not have any Key Executives recorded.
American Express Bank, FSB Key Developments
American Express Announces Certain of its Subsidiaries Settlements with Bank Regulators Related to Credit Card Add-on Products
Dec 24 13
American Express Company announced that certain of its subsidiaries have reached settlements with several regulatory agencies to resolve previously disclosed regulatory reviews of marketing and billing practices related to several products that have been discontinued. The settlements involve American Express Travel Related Services Company, Inc., American Express Centurion Bank and American Express Bank, FSB. Consent orders were signed with the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), and the Office of Comptroller of the Currency (OCC). American Express has cooperated fully with the CFPB, FDIC and OCC. The American Express entities will pay fines totaling $16.2 million and agreed to provide at least $59.5 million in customer remediation. Most of the costs associated with the settlements have been provided for in prior quarters, and most of the remediation has already been provided to customers. The credit card add-on products cited in the consent orders are: Identity Protect/Identity Protect Premium: products designed to help consumers detect and prevent identity theft; Account Protector: a product designed to help pay the outstanding balance on a Card Member's account in certain circumstances, such as job loss or hospitalization; Lost Wallet Protector marketed in Puerto Rico: a product designed to help consumers cancel and replace lost items such as credit, debit and ATM cards. Marketing of the products included in these settlements was discontinued more than a year ago.
Office of the Comptroller of the Currency Announces Civil Money Penalty Against American Express Bank
Oct 2 12
The Office of the Comptroller of the Currency (OCC) announced a $500,000 civil money penalty against American Express Bank, FSB, for violations of section 5 of the Federal Trade Commission Act and ordered the bank to provide approximately $6 million in restitution to an estimated 17,000 affected customers. The OCC also ordered the bank to establish an effective vendor management program to oversee the provision of products to the bank's customers. The OCC based its penalty on the bank's failure to properly manage vendors who engaged in deceptive debt collection practices in violation of the statute. The estimated $6 million in restitution will be paid to compensate consumers for the injury suffered as the result of these violations.
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