U.S. watchdog tells American Express to refund duped clients

[Eugene]

Source: Reuters

BY DOUWE MIEDEMA
WASHINGTON Tue Dec 24, 2013 11:43am EST

(Reuters) - U.S. regulators fined American Express on Tuesday over deceptive and misleading practices in selling credit card add-on products, and forced it to repay a total of $59.5 million to duped customers.

The U.S. Consumer Financial Protection Bureau said the company and two subsidiaries had engaged in unfair billing tactics and deceptive marketing, affecting more than 335,000 customers from 2000 to 2012.

Telemarketers led clients to believe the add-on products came with more favorable conditions than they really did, and charged too much for the services.

"We first warned companies last year about using deceptive marketing to sell credit card add-on products, and everyone should be on notice of this issue," CFPB Director Richard Cordray said in a statement.

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Read more: http://www.reuters.com/article/2013/12/24/us-banks-americanexpress-fine-idUSBRE9BN0HF20131224

[Stuart G]

1. Government regulations...not good for American EX..Good for the Consumer...k and r..nt

[ut oh]

2. Kinda funny

The google ad next to this article was for non other than AMEX...

[okaawhatever]

3. Bring it. Any wonder why the Republicans are trying to kill the Consumer Financial Protection

Bureau? They've also tried to cut off all funding and not confirm a leader of the org. This is one of the reasons why folks, it's not about big government or free markets. it's about their campaign supporters getting caught. The don't want smaller gov't they want the people who catch them doing illegal stuff to go away. The EPA, National Labor Relations Board, Consumer protection...