American Express reported Friday that several federal agencies are studying their sales practices for their credit cards and consumer cards for small businesses.
The company he said in a regulatory filing who received a subpoena from the grand jury in January from the U.S. Attorney’s Office for the Eastern District of New York on his practices of selling his small business credit cards.
He also received a civil investigation request from the Office of Consumer Financial Protection (CFPB) seeking information on consumer-related sales practices, according to the file.
The company also said it began responding to a regulatory review led by the Office of the Coin Controller (OCC) and the Department of Justice (DOJ) in May on “historical sales practices related to certain business card sales small “.
The company said it “collaborates with all of these inquiries and has continued to improve our controls related to our sales practices.”
“We do not believe this issue will have a significant negative impact on our business or the results of operations,” he added.
The Department of Justice did not comment and the CFPB said it does not comment on pending execution tasks, including confirmation or denial of pending matters.
The OCC did not immediately return a request for comment from The Hill.
The Wall Street Journal reported last month that several U.S. financial agencies were investigating the company’s card selling practices, citing people familiar with the matter. These agencies were the OCC, along with the inspectors general of the Treasury Department, the Federal Deposit Insurance Corporation, and the Federal Reserve.
Multiple current and former employees told the newspaper that some vendors tricked small or strong businesses into signing up for cards to increase sales.
Update: 9:30 p.m.