×
54 080
Fashion Jobs
ROSS
Store Protection Specialist
Permanent · Chicago
ROSS
Store Protection Specialist
Permanent · Elk Grove
ROSS
Store Protection Specialist
Permanent · Miami
ROSS
Store Protection Specialist
Permanent · Cutler Bay
URBN
Urban Outfitters Senior Buyer - Women's Shoes
Permanent · PHILADELPHIA
URBN
Home Visual Merch Manager
Permanent · PHILADELPHIA
URBN
Anthropologie Divisional Merchandise Manager - Beauty
Permanent · PHILADELPHIA
URBN
Urban Outfitters Buyer - Dresses
Permanent · PHILADELPHIA
URBN
Free People Assistant Visual Manager
Permanent · BATON ROUGE
H&M
h&m Retail Visual Keyholder
Permanent · MEMPHIS
UNDER ARMOUR
Stock Teammate, Part-Time 5am Shift, $15 Per Hour
Permanent · WOODSTOCK
UNDER ARMOUR
Stock Teammate, Part-Time 5am Shift, $15 Per Hour
Permanent · FREEPORT
BLOOMINGDALE'S
Asset Protection Supervisor, Full Time - Beverly Centr
Permanent · LOS ANGELES
BLOOMINGDALE'S
Outlet Keyholder Selling, Full Time - Mission Valley
Permanent · SAN DIEGO
OLD NAVY
General Manager - Wanamaker Hills
Permanent · TOPEKA
OLD NAVY
Assistant General Manager - Rookwood Commons
Permanent · CINCINNATI
GAP INC.
Senior Manager - Business Continuity Planning
Permanent · SAN FRANCISCO
NEWELL
Manager, Plastics Production
Permanent · WICHITA
GILDAN
Manager, Marketing (jo-2717-Eng)
Permanent · CHARLESTON
URBN
Urbn International Compliance Coordinator
Permanent · PHILADELPHIA
URBN
Urban Outfitters Assistant Art Director
Permanent · PHILADELPHIA
URBN
Urban Outfitters Senior Art Director
Permanent · PHILADELPHIA
By
Reuters
Published
Aug 23, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

American Express to pay $96 million over discriminatory card terms

By
Reuters
Published
Aug 23, 2017

American Express will end up paying $96 million to credit card customers in Puerto Rico and other U.S. territories for charging higher interest rates and engaging in other discriminatory practices, federal regulators said on Wednesday.




The U.S. Consumer Financial Protection Bureau announced that more than 200,000 consumers at two of the company's banking subsidiaries had been harmed by the practices, which also included stricter credit cutoffs and less debt forgiveness than offered to customers in U.S. states.

American Express said in a statement the discrepancy was discovered in an internal review and reported to the CFPB in 2013. The company voluntarily agreed to provide $95 million in compensation to affected customers, but said it "absolutely does not" agree with the CFPB's contention that it had discriminated against clients.

"Having long since taken actions that the CFPB subsequently ratified, the company decided to settle with them rather than go through years of litigation that would have provided no additional value to any of its customers," American Express said.

The CFPB ordered the company to pay an additional $1 million on top of the $95 million and establish new guidelines to ensure the terms of its card offerings were not discriminatory in the future.

The agency added that the company had not intentionally discriminated against customers, but rather the discrepancy occurred due to different business units overseeing cards in U.S. territories as opposed to U.S. states.

"They have ceased this practice and are making consumers whole. In particular, because they self-reported the problem and fully cooperated with our investigation, no civil penalties are being assessed in this matter," CFPB Director Richard Cordray said in the statement.

© Thomson Reuters 2023 All rights reserved.