Banks test CFPB's tolerance for add-on products

09/16/2013 | AmericanBanker.com (free registration)

American Express, Wells Fargo and Citigroup continue to offer credit card add-ons, despite crackdowns on such products by the Consumer Financial Protection Bureau. For example, American Express is offering credit monitoring services by Experian for a $1 fee and $14.99 per month. "In the current environment, and in light of how regulators are viewing these products, there may be more risk than reward," said Teresa Epperson, a managing director at AlixPartners.

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