The Consumer Financial Protection Bureau this month ordered GE Capital to pay $225 million in restitution to consumers harmed by illegal and discriminatory credit card practices. The bank will also pay $3.5 million to the CFPB’s Civil Penalty Fund.
As part of the enforcement action, GE Capital, which changed its name to Synchrony Bank on June 2, must refund $56 million to 638,000 consumers who were harmed by illegal credit card practices. The bank must also pay $169 million to 108,000 borrowers excluded from debt relief offers because of their national origin, representing the federal government’s largest credit card discrimination settlement in history.
