United States:
CFPB Orders GE Capital To Pay $225 Million In Consumer Relief For Deceptive And Discriminatory Credit Card Practices
08 July 2014
Shearman & Sterling LLP
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On 19 June 2014, the Consumer Financial Protection Bureau
("CFPB") ordered GE Capital Retail Bank ("GE
Capital") to provide an estimated $225 million in relief to
consumers harmed by illegal and discriminatory credit card
practices. GE Capital must refund $56 million to approximately
638,000 consumers who were subjected to deceptive marketing
practices. As part of the joint enforcement action by the CFPB and
the US Department of Justice, GE Capital must also provide an
additional $169 million to about 108,000 borrowers excluded from
debt relief offers because of their national origin.
The full text of the CFPB's Consent Order is available at:
http://www.consumerfinance.gov/f/201406_cfpb_consent-order_synchrony-bank.pdf.
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