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CFPB purchases GE Capital to pay for $225 Million in customer Relief for Deceptive and Discriminatory Credit Card techniques

CFPB purchases GE Capital to pay for $225 Million in customer Relief for Deceptive and Discriminatory Credit Card techniques

Almost 750,000 Customers Harmed by Prohibited Charge Card Techniques

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) is buying GE Capital Retail Bank (GE Capital), now called Synchrony Bank, to deliver a calculated $225 million in relief to customers harmed by unlawful and credit that is discriminatory techniques. GE Capital must refund $56 million to around 638,000 customers who Selinsgrove payday loan centers had been afflicted by deceptive advertising methods. Included in the joint enforcement action by the CFPB and Department of Justice, GE Capital also needs to offer an extra $169 million to about 108,000 borrowers excluded from credit card debt relief provides as a result of their nationwide beginning. Continue reading CFPB purchases GE Capital to pay for $225 Million in customer Relief for Deceptive and Discriminatory Credit Card techniques