FBI & OCC Investigating American Express Foreign-Exchange Pricing

WSJ is reporting that American Express is currently being investigated by the FBI, the investigation is in the preliminary stages. The FBI is focusing on whether the foreign-exchange international payments department had misrepresented pricing to clients. The concern is that American Express lured clients with offers of low currency-conversion rates and then raised those rates without any notice or warning. The Office of the Comptroller of the Currency is also looking into how American Express disclosed foreign-exchange pricing to customers.  This all centers around American Express’ foreign-exchange business that serves mostly small to medium sized businesses, so it’s unlikely that most readers would be affected.