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Consumer Financial Protection Bureau and American Express Reach Resolution to Address Discriminatory Card Terms in Puerto Rico and U.S. Territories

Consumers Harmed By Inferior Card Terms, Including Higher Interest Rates, Stricter Credit Cutoffs, and Less Debt Forgiveness, Receive Over $95 Million in Redress
Washington, D.C. –(ENEWSPF)—August 23, 2017.  The Consumer Financial Protection Bureau (CFPB) today took action against two American Express banking subsidiaries for discriminating against consumers in Puerto Rico, the U.S. Virgin Islands, and other U.S. territories by providing them with credit and charge card terms that were inferior to those available in the 50 states. American Express also discriminated against certain consumers with Spanish-language preferences. Over the course of at least ten years . . .

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