Company Overview of American Express Centurion Bank
American Express Centurion Bank offers charge and credit cards in the United States. It issues a portfolio of American Express Cards, American Express Gold Cards, and Platinum Cards. The company was incorporated in 1985 and is based in Salt Lake City, Utah. American Express Centurion Bank operates as a subsidiary of American Express Travel Related Services Company, Inc.
4315 South 2700 West
Salt Lake City, UT 84184
Founded in 1985
Key Executives for American Express Centurion Bank
Compensation as of Fiscal Year 2013.
American Express Centurion Bank 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.
Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau Announce Settlement with American Express Centurion Bank
Oct 4 12
Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau have reached a settlement with American Express Centurion Bank
for deceptive debt collection and credit card marketing practices, in violation of section 5 of the Federal Trade Commission Act. This action results from a FDIC and Utah Department of Financial Institutions examination, in which the Consumer Financial Protection Bureau (CFPB) joined last year. The CFPB, the Office of the Comptroller of the Currency (OCC), the Utah Department of Financial Institutions, and the Board of Governors of the Federal Reserve System took separate actions against various entities related to the Bank (collectively referred to as American Express). Under the settlements, American Express agreed to the issuance of Consent Orders, Orders for Restitution, and Orders to Pay (Orders) which result in total restitution from all entities of approximately $85 million to more than 250,000 affected consumers, and the imposition of civil money penalties totaling approximately $27 million. The FDIC and the CFPB determined that the Bank violated federal law prohibiting unfair and deceptive practices by, among other things: misrepresenting to consumers that if they entered into an agreement to settle old debt (that was no longer being reported to consumer reporting agencies), such settlement would be reported to consumer reporting agencies and thereby improve the consumers' credit scores.
Similar Private Companies By Industry
Recent Private Companies Transactions
|No transactions available in the past 12 months.|
Most Searched Private Companies
Sponsored Financial Commentaries