Though a 33% decline in net income was attributable to large one-time gains that the credit card issuer recorded in the second quarter of 2016, Amex faces major challenges in the pursuit of growth opportunities.
The marketplace lender's application for an industrial bank charter is under fire from small banks and progressives, who say it could violate the barrier between banking and commerce and shut out middle-class and lower-income consumers.
House Republicans are ramping up their criticism of the Fed for making interest payments to member banks on excess reserves, and may have identified a way to counter claims that the payments are critical to monetary policy.
The company's results benefited from its increased dealings in correspondent lending, while net chargeoffs tied to energy loans decreased during the second quarter.
The bank's new Control Tower app is designed to empower customers to track where their financial data is stored and to simplify their control over where it goes and what is done with it.
