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Expert Analysis

Takeaways From GE Capital's $225M Credit Card Settlement

Law360, New York (June 25, 2014, 9:05 PM EDT) -- Last week, the Consumer Financial Protection Bureau announced a $225 million settlement of two major credit card enforcement matters with Synchrony Bank, formerly known as GE Capital Retail Bank. First, the "add-on matter" targets alleged deceptive marketing of credit card add-on products in violation of the deceptive prong of Dodd Frank's unfair, deceptive or abusive acts or practices (UDAAP) prohibition. Second, the "offer exclusion matter" addresses alleged discrimination against Hispanics in connection with debt relief offers to credit card customers, which excluded certain Spanish-speaking customers and all customers in Puerto Rico....

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