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: American Express cooperating with federal probes into small business sales

Economy, Finance

American Express Co. AXP said it’s subject to a federal probe into practices involving its small business cards, according to a Securities and Exchange Commission filing on Friday. Back in May 2020, the company said it started responding to a review led by the U.S. Treasury Department’s Office of the Comptroller of the Currency and the Department of Justice’s Civil Division into “historical sales practices relating to certain small business card sales.” Then, in January, American Express said it received a subpoena from the U.S. Attorney’s Office for the Eastern District of New York over sales practices for small business cards and a Civil Investigative Demand from the Consumer Financial Protection Bureau for information on sales practices related to consumers. American Express said it is cooperating with the probes and doesn’t expect they will have a material impact on business.

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