OCC Assesses $15 Million Civil Money Penalty Against American Express National Bank Related to Bank's Governance and Oversight of Third-Party Affiliate

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $15 million civil money penalty against American Express National Bank (American Express) for failing to govern and oversee a third-party affiliate and for violations of regulations relating to certain efforts to retain small business customers.

The OCC found that American Express failed to ensure that its third-party affiliate had appropriate call monitoring controls and appropriate mechanisms to document and track customer complaints. Additionally, American Express failed to collect necessary consumer information and properly maintain and produce records to show compliance with Customer Identification Program regulations.

The OCC penalty has been paid to the U.S. Department of the Treasury.

Related link

• Civil Money Penalty (PDF)