Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

GE Capital Pays $225 Million, Ends Discriminatory Credit Card Practices

Jaclyn Jaeger | June 30, 2014

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.

The enforcement action resulted from GE Capital's self-...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.