GE Spinoff Faces DOJ Investigation

Law360, Los Angeles (March 17, 2014, 10:00 PM EDT) -- The U.S. Department of Justice is investigating the retail credit business being spun off by General Electric Co., according to a regulatory filing issued Thursday.

Synchrony Financial, the consumer credit arm of GE, said it uncovered possible violations of the Equal Credit Opportunity Act during an audit and reported itself to the Consumer Financial Protection Bureau, according to the March 13 filing. The bank said it is still in discussions over the matter with the regulator.

Meanwhile, the Justice Department has initiated an investigation, Synchrony said....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.