American Express, a credit card company established in 1850, is now a commercial bank.According to The Gothamist, American Express' approval to become a bank holding company allows it access to government funds. [SIDEBAR: Do I smell another bailout?]
The Gothamist also states that the Federal Reserve waived the 30-day waiting period that is usually required when a financial institution formally becomes a bank. The Fed said that their haste in pushing the transaction through was motivated by "emergency conditions."
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