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Monday, November 10, 2008
Fed Approves AmEx as Bank Holding Company
By Lauren Covello
FOXBusiness
Credit card giant American Express (AXP) is the latest U.S. firm granted approval to become a bank holding company.
The move allows American Express access to the Federal Reserve’s discount window as well as the opportunity to apply for Treasury assistance if needed.
Citing the “unusual and exigent circumstances” weighing on the financial markets, the Federal Reserve Board waived the standard 30-day waiting period and announced the approval Monday.
American Express is the latest major U.S. firm to acquire bank holding status, trailing Goldman Sachs (GS) and Morgan Stanley (MS) in September.
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