American Express Wants To Become A Bank

By Scott Sarvay

June 18, 2010 Updated Nov 11, 2008 at 11:34 AM EDT

WASHINGTON (Indiana's NewsCenter) - Credit card giant American Express is evolving amid the troubled economy.

The Federal Reserve yesterday approved American Express' request to become a commercial bank.

The decision lets the company accept deposits and access low-cost financing from the feds.

American Express has been having severe financial troubles since more and more of its customers are struggling to pay their bills.

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