American Express Discriminated Against U.S Territory Cardholders, Spanish-Speaking Consumers

American Express Discriminated Against U.S Territory Cardholders, Spanish-Speaking Consumers

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The CFPB is reporting over the course of the last 10 years, American Express (AXP) has been engaged in discriminatory practices towards consumers in U.S territories and those with Spanish-language preferences. 

Over 200,000 consumers have been affected by the actions of Amex, which include items like charging higher fees and interest rates for credit cards, imposing rules that made it harder to build up good credit, and charging more money for debt (less debt forgiveness) than it was for consumers in the continential U.S.

"Consumer financial protections are not confined within the 50 states," says CFPB Director Richard Cordray, "American Express discriminated against consumers in Puerto Rico and U.S territories by providing them with less-favorable financial products and services."

There will be no criminal charges towards the company, since the practices were self-reported by Amex to the CFPB. However the company has been paying $95MN over that time in remediation to consumers they harmed, are required to pay an additional $1MN, and will adopt a compliance plan to deter discriminatory practices going forward. 

 

You can read the full order against American Express here

 

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