Arab Today, arab today general electric retail credit bank to pay 169m in bias case
Last Updated : GMT 01:44:06
Arab Today, arab today
Arab Today, arab today

General Electric retail credit bank to pay $169m in bias case

Arab Today, arab today

Arab Today, arab today General Electric retail credit bank to pay $169m in bias case

Consumer Financial Protection Bureau Director Richard Cordray testifies before the Senate on Capito
New York - AFP

 General Electric's retail credit bank has agreed to pay $169 million to Hispanic borrowers barred from two credit-card debt repayment programs due to discrimination, US federal government authorities said Thursday.
GE Capital Retail Bank, which recently changed its name to Synchrony Bank, will compensate some 108,000 borrowers who allegedly were excluded from bank lending-relief programs from 2009-2012.
The agreement is the federal government's largest credit-card discrimination settlement in history, said the Justice Department and the Consumer Financial Protection Bureau (CFPB) in a statement.
Under one of the programs, the bank, part of GE unit GE Capital, gave a credit to borrowers who held balances greater than $700, had three payments past due and met other criteria.
Another of the bank's programs offered to settle a borrower's credit-card debt if the cardholder paid a share of the account balance ranging from 25-55 percent.
However, customers of GE Capital Retail Bank were not invited to the programs if they tagged their accounts as "Spanish-preferred" for communications or if their mailing addresses were in Puerto Rico, according to the government's complaint against the bank.
As a result, "Hispanic borrowers experienced higher debt levels and longer periods of debt," often with consequent economic damage or emotional distress.
"Discrimination has no place in the consumer financial marketplace," said Richard Cordray, director of the CFPB.
"No one should be excluded from credit opportunities simply because of where they live or the language they speak."
Under the terms of the settlement, GE Capital Retail Bank also will reduce or completely forgive, the affected borrowers' credit card balances. It will also eliminate negative credit reports for borrowers that occurred during the period.
The Justice Department said the discrimination was first identified and reported by GE Capital to the CFBP.
Synchrony Bank "regrets this error," the bank said in a statement. "Its priority is treating customers fairly and when issues are identified, it is committed to making it right."
A GE Capital spokesman said the company would "take the learnings" and "improve our operations and customer focus."
Separately, GE Capital agreed to pay $56 million to consumers who were victims of deceptive marketing practices to sell add-on products such as credit card security.
The CPFB said an investigation found GE Capital telemarketers misrepresented the services to some 638,000 consumers, suggesting for example, that customers would not have to pay for the products when in most cases they would have to.

 

arabstoday
arabstoday

GMT 21:21 2017 Thursday ,19 October

Shaikh Nasser praises BIDEC 2017 royal patronage

GMT 20:39 2017 Thursday ,19 October

Tesla fired hundreds of employees in past week

GMT 13:46 2017 Thursday ,19 October

Samsung's revamped Bixby takes on Amazon Alexa

GMT 21:35 2017 Wednesday ,18 October

King congratulated by Premier on BIDEC success

GMT 21:27 2017 Wednesday ,18 October

Shaikh Nasser praises Derasat efforts

GMT 11:54 2017 Wednesday ,18 October

Airbnb rentals boom across Africa

GMT 18:06 2017 Tuesday ,17 October

Three companies offering to search for MH370

GMT 19:24 2017 Sunday ,15 October

Royal Jordanian eyes operating profit this year
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today general electric retail credit bank to pay 169m in bias case Arab Today, arab today general electric retail credit bank to pay 169m in bias case

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today general electric retail credit bank to pay 169m in bias case Arab Today, arab today general electric retail credit bank to pay 169m in bias case

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Silent Republicans have their reasons

GMT 16:55 2017 Thursday ,19 October

Silent Republicans have their reasons
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday