The Office of the Comptroller of the Currency (OCC) has detailed a $15 million civil money penalty against American Express National Bank (American Express).
The OCC alleged the financial institution failed to govern and oversee a third-party affiliate and committed regulation violations regarding certain efforts to retain small business customers.
According to the OCC’s allegations, the agency determined American Express failed to ensure that its third-party affiliate had appropriate call monitoring controls and appropriate mechanisms to document and track customer complaints.
American Express also failed to collect necessary consumer information and properly maintain and produce records showing compliance with Customer Identification Program regulations, the OCC alleged.
According to the OCC, the bank neither admits nor denies the agency’s findings.
The OCC indicated the Order represents a settlement of the civil money penalty proceedings against the bank contemplated by the OCC, based on what the OCC alleged to be unsafe or unsound practices and violations of law or regulation described in the Comptroller’s findings set forth in Article II of the Order.
The Order is not a contract binding on the United States, the U.S. Treasury Department, the OCC, or any officer, employee or agent of the OCC, the OCC indicated, adding neither the Bank nor the OCC intends the Order to be a contract.