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.