The Fed seems to be saying that American Express can now go join Goldman, Morgan, et.al. as banks.
The Federal Reserve Board on Monday announced its approval of the applications and notices under sections 3 and 4 of the Bank Holding Company Act by American Express Company and American Express Travel Related Services Company, Inc., both of New York, New York, to become bank holding companies on conversion of American Express Centurion Bank, Salt Lake City, Utah, to a bank, and to retain certain nonbanking subsidiaries, including American Express Bank, FSB, Salt Lake City, Utah.
Welcome to the club . . .
Now go chain all of your pens to your desks!
Order Approving Formation of Bank Holding Companies and Notice to Engage in Certain Nonbanking Activities
FEDERAL RESERVE SYSTEM, November 10, 2008
American Express Company
American Express Travel Related Services Company, Inc.