Violation Tracker Individual Record

Company: 
AMERICAN EXPRESS COMPANY
Current Parent Company: 
American Express
Penalty: 
$9,000,000
Year: 
2012
Date: 
October 1, 2012
Offense Group: 
financial offenses
Primary Offense: 
banking violation
Secondary Offense: 
credit card violation
Violation Description: 

The Federal Reserve Board announced a formal enforcement action, including a $9 million civil money penalty, against American Express Company and American Express Travel Related Services Company, Inc. to address what it called deceptive marketing and debt collection practices and associated deficiencies in compliance risk management and internal audit.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Federal Reserve
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.