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End notes: AmEx, Google and CFPB

By Janna Herron · Bankrate.com
Friday, August 3, 2012
Posted: 4 pm ET

So remember how I said in Thursday's post that Google Wallet -- the mobile wallet -- can upload any debit or credit card. Turns out, I was wrong.

Dara Kerr, an intrepid writer at CNet.com, spoke with American Express Thursday and found out that the card issuer has yet to sign on to Google's new technology. The article said American Express wanted to make sure the mobile wallet meets its standards in terms of transparent and clear transaction detail.

American Express confirmed to me everything that was in the article.

Kerr goes into techie detail that I won't here, but the headline here is that Google Wallet won't carry an American Express card yet. However, AmEx said it's in discussions with the search engine giant over "opportunities to work together," the article states.

(As I said Thursday, American Express has signed on to the Isis Mobile Wallet, a venture among Verizon Wireless, AT&T and T-Mobile.)

We'll see what happens.

In other American Express news, it looks like the federal consumer watchdog is still sniffing out more bad credit card practices. And is on AmEx's tail.

The company said in a federal filing Thursday that it "currently believes" the Consumer Financial Protection Bureau will take enforcement action against one of its subsidiaries that issues the Centurion Card (colloquially known as the Black Card) for its practices selling add-on products, such as payment protection and identity theft protection.

The company said the CFPB also indicated that it could take further action against AmEx's other subsidiary which issues the other American Express cards, for the same reason.

You may remember that the CFPB handed down a $25 million penalty to Capital One for deceptively selling add-on services. The issuer was also ordered to refund $140 million to 2 million credit card holders.

What other issuers could be next?

Follow me on Twitter: @JannaHerron

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