American Express revealed on Friday that several federal agencies are checking their sales practices for its small business and consumer credit cards.
Company said in a regulatory case that he received a grand jury subpoena in January from the U.S. Attorney’s Office for the Eastern District of New York regarding his sales practices for his small business credit cards.
It also received a request for a civil investigation from the Office of Consumer Financial Protection (CFPB), which requested information on sales practices related to consumers, according to the registration.
The company also said it had begun responding to a regulatory review led by the Office of the Currency Controller (OCC) and the Department of Justice (DOJ) in May on “historical sales practices for certain small business card sales.”
The company stated that it “cooperates with all these investigations and has continued to improve our controls over our sales practices”.
“We do not believe that this issue will have a significant negative impact on our business or the results of our operations,” she added.
The DOJ had no comment, and the CFPB said it did not comment on pending execution, including confirmation or rejection of ongoing issues.
The OCC did not immediately return a request for comment from The Hill.
The Wall Street Journal reported last month that several US financial agencies were investigating the company’s card selling practices, citing people familiar with the issue. These agencies were OCCs, along with inspectors general of the Treasury Department, the Federal Deposit Insurance Corporation and the Federal Reserve.
Several current and former employees have previously told the newspaper that some salespeople have misled small or powerful firms into signing up for cards to boost sales.
Updated: 9:30 p.m.