September 30, 2014 6:24 PM ET

Hotels, Restaurants and Leisure

Company Overview of American Express Travel Related Services Company, Inc.

Company Overview

American Express Travel Related Services Co., Inc., a travel agency, provides financial and travel related services for consumers and companies. The company offers various charge and credit cards, travelers’ cheques, and other stored value products. It also offers travel and related consulting services to individuals and corporations worldwide. The company was founded in 1982 and is based in New York City, New York. American Express Travel Related Services Co., Inc. operates as a subsidiary of American Express Company.

200 Vesey Street

World Financial Center

New York, NY 10285

United States

Founded in 1982

Phone:

212-640-5130

Fax:

212-640-0404

Key Executives for American Express Travel Related Services Company, Inc.

American Express Travel Related Services Company, Inc. does not have any Key Executives recorded.

American Express Travel Related Services Company, Inc. Key Developments

Empire State Realty Trust's First Stamford Place Leases to American Express

Empire State Realty Trust, Inc. has leased 10,842 square feet at 100 First Stamford Place, in Stamford, CT, to American Express Travel Related Services Company, Inc. American Express will relocate from 400 Atlantic Street to its newly built offices at First Stamford Place this summer. First Stamford Place is a three-building, 784,160-rentable-square-foot office complex adjacent to the Stamford Transportation Center, providing tenants with immediate access to Metro North and I-95.

American Express Announces Certain of its Subsidiaries Settlements with Bank Regulators Related to Credit Card Add-on Products

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 Reserve Board Issues Order of Assessment of a Civil Monetary Penalty Against American Express Company and American Express Travel Related Services Company

The Federal Reserve Board announced a formal enforcement action, including a $9 million civil money penalty, against American Express Company (Amex) and American Express Travel Related Services Company, Inc. (TRS) to address deceptive marketing and debt collection practices and associated deficiencies in compliance risk management and internal audit. TRS provides debt collection and marketing services to its subsidiary banks, American Express Centurion Bank (AECB) and American Express Bank, FSB (AEFSB), and also services its own credit card portfolio. In providing those services, TRS allegedly led customers to believe that their defaulted debt would be "waived" or "forgiven" by acting on a settlement offer without also disclosing the effect that settling for less than the full debt would have on the customers' future credit opportunities. TRS also allegedly made deceptive representations in credit card solicitations concerning the benefits customers would receive by acting on the offer. The Federal Reserve also found that deficiencies in compliance risk management and internal audit, which are firm-wide functions at Amex, allegedly allowed these practices to occur. In addition to the $9 million civil money penalty, the Board's enforcement action requires Amex and TRS to improve consumer compliance oversight and compliance risk-management and internal audit programs.

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