Tuesday, November 11, 2008

We are all banks now

Federal Reserve --

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 ...

So now a travel agent can become a bank and thus eligible to tap all the special credit availability programs that the Fed has for banks.

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