The Office of the Comptroller of the Currency (OCC), in coordination with the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corporation (FDIC), announced yesterday that American Express Bank was assessed a $500,000 civil money penalty for “violations of section 5 of the Federal Trade Commission Act,” according to a press release from the OCC. The penalty is based on “the bank’s failure to properly manage vendors who engaged in deceptive debt collection practices,” the release said. American Express Bank was also ordered to provide an estimated 17,000 affected customers with approximately $6 million in restitution, and to “establish an effective vendor management program to oversee the provision of products to the bank’s customers,” the release said. For more, read the press release.