credit card

American Express has won the Fed's approval to convert into a commercial bank. America's largest credit card company will be allowed to waive the normal 30 day waiting period on its application so that it can have immediate access to the Fed's discount window.

The company has been beset by rising credit-card defaults fueled by the sagging economy and rising unemployment. October also marked the first time the company, which has posted four straight quarters of losses, was unable to sell bonds backed by customer payments.