American Express 2013 Annual Report Download - page 14

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Case in point: Last December, we announced an agreement with
regulators to pay substantial fines and customer refunds for marketing
and billing practices involving certain credit card add-on products.
This product category has come under increased regulatory scrutiny
across the card industry, and several card issuers have been hit with
major fines. For our part, we cooperated with regulators and conducted
our own internal reviews of the add-on products we offer. We identified
most of the issues included in the settlement and reported them to
the regulators. We also stopped marketing the particular products in
question—Identity Protect, Account Protector and Lost Wallet Protector
(in Puerto Rico)—more than a year ago.
The fact that most of our customers did not use these products doesn’t
matter. Anytime that American Express offers a product or service
to any customer, our reputation and relationships are on the line.
Therefore, we must keep an absolute focus on meeting our compliance
requirements and doing the right thing for our customers.
CENTURION LOUNGES
Centurion Lounges
opened in Las Vegas
(LAS) and Dallas (DFW)
airports, offering Card
Members access to a
variety of services and
amenities. Entry to the
lounges is complimentary
for American Express
Platinum and Centurion
Card Members.
AMERICAN EXPRESS COMPANY
12