UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): December 15, 2015
 
 
AMERICAN EXPRESS COMPANY
 
(Exact name of registrant as specified in its charter)
 
 
 
New York
1-7657
13-4922250
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(IRS Employer Identification No.)
 
 
200 Vesey Street
New York, New York
10285
(Address of principal executive offices)
(Zip Code)
 
 
Registrant's telephone number, including area code: (212) 640-2000
 
 
Not Applicable
(Former name or former address, if changed since last report)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
Item 7.01 Regulation FD Disclosure

American Express Company (the “Company”) is hereby furnishing below delinquency and write-off statistics for the lending portfolio of its U.S. Card Services (“USCS”) operating segment for the months ended September 30, October 31 and November 30, 2015.


American Express Company
U.S. Card Services
Delinquency and Write-off Rate Statistics

As of and for the months ended September 30, October 31 and November 30, 2015

(Billions, except percentages)
   
September 30, 2015
    
October 31, 2015
    
November 30, 2015
  
Card Member lending:
            
Total loans
  
$
62.1
    
$
62.7
    
$
63.9
  
30 days past due loans as a % of total
    
1.0
%
    
1.0
%
    
1.0
%
Average loans
  
$
62.4
    
$
62.4
    
$
63.3
  
Net write-off rate – principal only (a)
    
1.2
%
    
1.3
%
    
1.4
%

(a)
Net write-off rate based on principal only (i.e., excluding interest and /or fees).

Note:  The statistics presented above are based on the USCS operating segment’s total portfolio of Card Member loans determined in accordance with U.S. generally accepted accounting principles, which includes all securitized and non-securitized Card Member loans.

The statistics presented above provide information that is additional to the data reported by the American Express Credit Account Master Trust (the “Lending Trust”) in its monthly Form 10-D report filed with the Securities and Exchange Commission (the “Commission”).  The Card Member loans that have been securitized through the Lending Trust do not possess identical characteristics with those of the total portfolio of USCS loans, which reflects the aggregate of securitized and non-securitized loans.  Thus, the reported credit performance of the Lending Trust may, on a month-to-month basis, be better or worse than the credit performance of the total portfolio.  Reported differences may arise as a result of, among other things, differences in the mix and vintage of loans between the Lending Trust and the total portfolio (including, among other things, the larger proportion of small business loans in the non-securitized portion of the total portfolio), the use of end-of-period principal loan balances to calculate write-off statistics in the Lending Trust compared to the use of average loan balances over the reporting period used in the total portfolio statistics, as well as other mechanics of the calculation for the lending trust net write-off rate, which is impacted by any additions to the securitization trust within a particular period.
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Set forth below is certain information regarding the credit performance of the Lending Trust for its three most recent monthly reporting periods, as reported in its Form 10-D report filed with respect to each such period.

American Express Credit Account Master Trust

(Billions, except percentages)

   
September 1, 2015
through
September 30, 2015
    
October 1, 2015
through
October 31, 2015
    
November 1, 2015
through
November 30, 2015
  
Ending total principal balance
  
$
26.6
    
$
26.6
    
$
26.8
  
Defaulted amount
  
$
0.04
    
$
0.04
    
$
0.04
  
Annualized default rate, net of recoveries
    
1.0
%
    
1.1
%
    
1.2
%
Total 30+ days delinquent
  
$
0.2
    
$
0.2
    
$
0.2
  


 
 
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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMERICAN EXPRESS COMPANY
(REGISTRANT)
By:
/s/ Carol V. Schwartz
Name: Carol V. Schwartz
Title: Secretary



Date: December 15, 2015

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