October 1, 2012

For Immediate Release

Contact: Paul Allred (801) 538-8761

THE UTAH DEPARTMENT OF FINANCIAL INSTITUTIONS

ENTERS INTO CONSENT ORDERS WITH

AMERICAN EXPRESS

Salt Lake City – Today, the Utah Department of Financial Institutions (UDFI) entered into separate Consent Orders with American Express Centurion Bank, Salt Lake City, Utah (AECB), a Utah state-chartered industrial bank and American Express Travel Related Services Company, Inc., New York, New York (TRS) and American Express Company, New York, New York (AMEX), a registered bank holding company.

The actions result from a UDFI and Federal Deposit Insurance Corporation (FDIC) examination, in which the Consumer Financial Protection Bureau (CFPB) joined last year. The CFPB, the Office of the Comptroller of the Currency (OCC), the UDFI, and the Board of Governors of the Federal Reserve System all took separate actions against various entities related to AECB and its parent companies (collectively referred to as American Express). In agreeing to the issuance of the Orders, American Express neither admits nor denies any liability.

The UDFI found that AECB engaged in violations of various federal consumer financial laws, which are enforceable by UDFI pursuant to U.C.A. § 7-1-325. The UDFI found that TRS’s alleged violations of federal consumer financial laws as an affiliate service provider with respect to AECB and its own consumer customers, and the deficiencies in American Express’s firmwide compliance risk management program and internal audit, precipitated in these actions.

The UDFI did not assess any fines, civil monies or restitution in its Consent Orders.

The UDFI is the regulator for all Utah chartered banks, industrial banks and bank holding companies.