The Consumer Financial Protection Bureau announced this morning it has ordered three subsidiaries of American Express to refund about $85 million to about a quarter of a million consumers.
According to the agency, an investigation found “that at every stage of the consumer experience, from marketing, to enrollment to payment to debt collection, American Express violated consumer protection laws.”
The three subsidiaries are supposed to identify the harmed customers and make sure they get their money back.
(I left a message with American Express and will add its comment when it comes in.)
Update: American Express spokesman Michael O'Neill says:...