American Express National Bank agreed to pay a $15 million penalty levied by the Treasury Department’s Office of the Comptroller of the Currency (OCC) for alleged oversight failings regarding a third-party affiliate and its efforts to retain small business customers.
American Express (Amex) failed to ensure it had appropriate call monitoring controls and mechanisms to document and track customer complaints in connection to its unnamed third-party affiliate, the OCC said in a press release Tuesday.
