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Volume 25 - Number 13

June 23, 2014

CFPB Hits GE Capital Retail Bank With Record Credit Card Fine

Last week, the CFPB ordered GE Capital Retail Bank – a financial institution in New Jersey now known as Synchrony Bank – to provide approximately $225 million in relief to consumers harmed by alleged illegal and discriminatory credit card practices. Under the terms of a consent order brought by the bureau, GE Capital is required to refund $56 million to approximately 638,000 consumers who were subjected to allegedly deceptive marketing practices. As part of the joint enforcement action by the CFPB and 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 consent order represents the federal government’s largest credit card discrimination settlement in history...

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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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