American Express 2015 Annual Report Download - page 108
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• legal and regulatory developments wherever we do business, including legislative and regulatory changes in the
United States, such as the actions of the CFPB and Dodd-Frank’s stricter regulation of large, interconnected
financial institutions, which could make fundamental changes to many of our business practices or materially
affect our capital or liquidity requirements, results of operations, or ability to pay dividends or repurchase our
stock; actions and potential future actions by the FDIC and credit rating agencies applicable to securitization
trusts, which could impact our ABS program; or potential changes to the taxation of our businesses, the
allowance of deductions for significant expenses, or the incidence of consumption taxes on our transactions,
products and services;
• changes in the substantial and increasing worldwide competition in the payments industry, including
competitive pressure that may impact the prices we charge merchants that accept our cards, competition for
cobrand partnerships and the success of marketing, promotion or rewards programs;
• changes in the financial condition and creditworthiness of our business partners, such as bankruptcies,
restructurings or consolidations, involving merchants that represent a significant portion of our business, such
as the airline industry, or our partners in GNS or financial institutions that we rely on for routine funding and
liquidity, which could materially affect our financial condition or results of operations;
• our ability to maintain and expand our presence in the digital payments space, including online and mobile
channels, which will depend on our success in evolving our business models and processes for the digital
environment, building partnerships and executing programs with companies, and utilizing digital capabilities
that can be leveraged for future growth; and
• factors beyond our control such as foreign currency rates, fire, power loss, disruptions in telecommunications,
severe weather conditions, natural disasters, health pandemics, terrorism, cyber attacks or fraud, which could
significantly affect spending on American Express cards, delinquency rates, loan balances and travel-related
spending or disrupt our global network systems and ability to process transactions.
A further description of these uncertainties and other risks can be found in “Risk Factors” above and our other
reports filed with the Securities and Exchange Commission.
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