Consumer Protection Bureau Requires American Express To Refund $85 Million For Deceptive And Illegal Practices

The Consumer Financial Protection Bureau (CFPB) — created as part of the 2010 Dodd-Frank financial reform law — will force three subsidiaries of American Express “to refund an estimated $85 million to approximately 250,000 customers for illegal card practices,” according to a statement. The CFPB found that American Express misled cardholders about benefits they’d receive, charged illegal late fees, and violated fair lending law by discriminating against applicants due to their age. Back in July, the CFPB required Capital One to refund $140 million to consumers for similar reasons.