President Obama's Consumer Financial Protection Bureau Pick, Richard Cordray, Kicking Ass, AGAIN

[bigtree]

AmEx to refund $85 million to customers

WASHINGTON (CNNMoney) -- American Express will refund $85 million for what government officials called deceptive practices involving about 250,000 customers.

The Consumer Financial Protection Bureau said Monday that American Express (AXP, Fortune 500) subsidiaries illegally charged late fees, deceived customers by promising non-existent money rewards, and discriminated against new applicants over the age of 35.

"Laws were violated at all stages of the game," said CFPB director Richard Cordray in a statement.

In addition to refunding customers, American Express will pay a $27.5 million penalty that will be split among the CFPB, the Federal Deposit Insurance Corp., the Federal Reserve and the Office of the Comptroller of the Currency.

The American Express charges are the third to be announced this year from the Consumer Financial Protection Bureau that was launched last year. Last week, it struck a deal with Discover (DFS, Fortune 500) to refund $200 million, and in July with Capital One (COF, Fortune 500) to refund $140 million to customers for using deceptive marketing tactics and misleading cardholders.


read more: http://money.cnn.com/2012/10/01/pf/american-express-refund/index.html

related:

President Obama's Consumer Financial Protection Bureau Pick, Richard Cordray, Kicking Ass
http://www.democraticunderground.com/10021417500

[porphyrian]

1. . n/t

[AtomicKitten]

2. Excellent.

[KoKo]

3. Let's hope! And that stiffer regulation is put into place so it doesn't happen again!

K&R

[Tippy]

4. K&R

[lamp_shade]

5. He is fantastic. Have you ever watched him on cspan in front of a house or senate committee hearing?

He's even better than Warren IMO. His answers often leave gop questioners speechless.
He is GREAT!!

[Scurrilous]

6. K & R

[rsweets]

7. i trust this president to do the right things more every day

I'm 60 and he's the best damned president I have ever seen.

they can't get a thing on him ... he never gets raddled ..
he let's the other side make all the mistakes .. and all the while
he seems like he having fun ....

Tremendous CEO, puts the right people in the right situations.


this dude is unreal ...

[Whisp]

8. this makes me so happy

[myrna minx]

9. Fantastic! K&R

[12AngryBorneoWildmen]

10. YEEEEEEEEEEEE

HAAAAAAAAAAAA

[Swede Atlanta]

11. Without the Consumer Protection Bureau Amex would have continued to screw their customers......

About 3 months ago I got a letter from Amex that they were crediting my account with nearly $1,300 for charging me a penalty interest rate on a balance-carrying account over the past 3.5 years.

I had taken on some debt when I have a family member that needed cash. I was using my Amex card for some normal monthly expenses such as food, gas, etc. while I sent cash to this family member. My interest rate wasn't one of those 22-25% cards, it was supposed to be between 6 and 8 %. I hadn't paid much attention to the additional interest they were charging each month.

I have been paying down the debt and was, prior to this letter, within $5K of having them paid off. With this credit I am now on track to pay them back by end of March 2013.

I have no idea if this was the result of these findings or not. When I spoke with them they said that I had had one month when the payment I had mailed in (always 10 business days before it was due) was not received and credited on time. So they applied what should have been a one-month penalty interest rate permanently each month. They said a routine audit caught this mistake.

Now I'm wondering if the audit was triggered by actions from the CPB

[greiner3]

12. Courdray;

Brown and Strickland; all possible US Presidents that will SHAKE the OH president's curse!

[madokie]

13. Accomplished young man, I would say, doing for us one hell of a good job

http://en.wikipedia.org/wiki/Richard_Cordray

President Obama knows how to pick good people and this is proof of that. How can any American not like Obama is beyond me, it boggles the mind.

Richard Cordray
From Wikipedia, the free encyclopedia


Richard Cordray (born May 3, 1959) is an American politician, who is serving as the Director of the United States Consumer Financial Protection Bureau, which officially began operating in July 2011.[1] Before that he was Attorney General of Ohio.

On July 17, 2011, President Barack Obama announced he would nominate Cordray to lead the United States Consumer Financial Protection Bureau. On January 4, 2012, the White House announced that it would make a controversial[2] recess appointment of Cordray to the post.[3][4][5]

Cordray was elected Attorney General of Ohio in November 2008 to fill the remainder of the unexpired term ending January 2011. On November 2, 2010, Cordray lost his bid for re-election to former Lt. Governor and U.S. Senator Mike DeWine. Prior to his Attorney General position, Cordray served as the Ohio State Treasurer and as treasurer of Franklin County, Ohio. He has also previously served as a member of the Ohio House of Representatives (1991–1993) and as the first Ohio state solicitor (1993–1994).

Cordray was a Marshall Scholar at Oxford University, 1981–83. Later, he was editor-in-chief of the University of Chicago Law Review and subsequently served as a law clerk for Judge Robert Bork on the U.S. Court for the District of Columbia Circuit (1986 - 87 term), and after that, Justice Anthony Kennedy of the Supreme Court of the United States. In 1987 he became an undefeated five-time Jeopardy! champion.

[anikamorris]

14. Spam deleted by EvolveOrConvolve (MIR Team)