consumer lending and deposit operations are subject to extensive regulation in the United States, including pursuant to the Equal Credit Opportunity Act (which generally prohibits discrimination in the granting and handling of credit); the Fair Credit Reporting Act (FCRA), as amended by the Fair and Accurate Credit Transactions Act (FACT Act) (which, among other things, regulates use by creditors of consumer credit reports and credit prescreening practices and requires certain disclosures when an application for credit is rejected); the Credit Card Accountability Responsibility and Disclosure Act of 2009 (the ‘CARD Act’) (which prohibits certain acts and practices in connection with consumer credit card accounts); the Truth in Lending Act (TILA) (which, among other things, requires extensive disclosure of the terms upon which credit is granted), including the amendments to TILA that were adopted through the enactment of the Fair Credit and Charge Card Disclosure Act (which mandates certain disclosures on credit and charge card applications); Regulation Z (which implements TILA and was amended by the Federal Reserve to extensively revise the open end consumer credit disclosure requirements and implement the requirements of the CARD Act); the Consumer Financial Protection Act (Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank)) (CFPA); the Fair Credit Billing Act (which, among other things, regulates the manner in which billing inquiries are handled and specifies certain billing requirements); the Truth in Savings Act (which requires certain disclosures about rates paid and other terms of deposit accounts); the Electronic Funds Transfer Act (which, among other things, governs disclosures and settlement of transactions for electronic funds transfers and customer rights and liability arising from the use of ATMs and other electronic banking services, and after the enactment of Dodd-Frank, imposes a cap on debit card interchange fees and prohibits exclusivity arrangements for payment card networks); the Telephone Consumer Protection Act (which prohibits contacting customers on their cellular telephones without their express consent, and provides for significant statutory damages); the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 (which established national requirements for sending of commercial email messages and which provides for significant statutory damages for violations); and federal and state laws and regulations that generally prohibit engaging in unfair, deceptive and abusive acts and practices in offering consumer financial products and services. In the United States, the company’s marketing and sale of consumer financial products and its compliance with certain federal consumer financial laws, including the CFPA and TILA, are supervised and examined by the CFPB. Since American Express Company and TRS are bank holding companies, the company’s business is also subject to certain activity restrictions under the BHC Act and to certain provisions of the Currency and Foreign Transactions Reporting Act and the accompanying regulations issued by the U.S. Department of the Treasury (collectively referred to as the ‘Bank Secrecy Act’), as amended by the USA PATRIOT Act of 2001 (the ‘Patriot Act’), with regard to maintaining effective anti-money laundering (AML) programs. Card-Issuing Business — Competition As a card issuer, the company competes in the United States with financial institutions that issue general-purpose charge and revolving credit cards, such as Bank of America, Capital One Financial, Citibank, Discover Financial Services and JPMorgan Chase. American Express Travel & Lifestyle Services (TLS) TLS is focused on delivering premium leisure travel and lifestyle-related services to Card Members and other customers in the United States and internationally. Services are provided through a proprietary network of travel and lifestyle consultants, consumer travel Websites available in 14 countries and the U.S. American Express Travel Representative Network (which consists of independently owned travel agencies that license the American
american express co
(AXP:New York Consolidated)
200 Vesey Street
New York, NY 10285
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