Summary
This 8-K filing from American Express (AXP) primarily announces settlements reached by certain of its subsidiaries with various regulatory agencies. These settlements stem from a regulatory review initiated by the Consumer Financial Protection Bureau (CFPB) in July 2012 concerning marketing practices for credit card add-on products. These products include services like debt cancellation, identity theft protection, and credit reporting. While the filing itself doesn't detail the financial impact of these settlements, it refers to a press release (Exhibit 99.1) for more information, indicating that resolution has been reached on this matter that has been under review since mid-2012.
Key Highlights
- 1American Express subsidiaries have reached settlements with regulatory agencies.
- 2The settlements are a result of a CFPB review initiated in July 2012 regarding credit card add-on products.
- 3Products in question include debt cancellation, identity theft protection, and credit reporting services.
- 4The announcement was made on December 24, 2013.
- 5The filing incorporates a press release (Exhibit 99.1) for further details on the settlements.
Frequently Asked Questions
The main purpose of this filing is to announce that certain American Express subsidiaries have reached settlements with regulatory agencies concerning a review of marketing practices for credit card add-on products.
The credit card add-on products under review included debt cancellation, identity theft protection, credit reporting and monitoring, and other supplementary products.
More detailed information about the settlements can be found in the press release dated December 24, 2013, which is attached as Exhibit 99.1 to this Form 8-K filing.
The regulatory review by the Consumer Financial Protection Bureau (CFPB) regarding these marketing practices began in July 2012.