Kate Davidson is a reporter in American Banker's Washington bureau, where she covers the Treasury Department, Consumer Financial Protection Bureau and Office of the Comptroller of the Currency. She previously wrote about community banks in the Northeast and Mid-Atlantic. Before joining American Banker, Kate covered the House Financial Services Committee and Senate Banking Committee for Congressional Quarterly. She began her career in New Hampshire, where she covered the 2008 presidential primaries and business news for the Concord Monitor in Concord, N.H.
Although American Express received lighter fines than the two previous credit card players targeted by the Consumer Financial Protection Bureau, many believe the CFPBs third enforcement action is its biggest statement yet.
Discovers $200 million payout is substantially higher than the typical settlement between a lender and a banking regulator, suggesting the CFPB wants to significantly raise the financial cost of violations.