GE Capital fined $225M


The Consumer Financial Protection Bureau has ordered GE Capital Bank (GE) to pay $225M to consumers "harmed by illegal and discriminatory credit card practices."

The payments will be split into two. $56M will be paid to 638k consumers for false advertising, and $169M will go to 108k borrowers that could not secure debt relief because of their national origin.

The fine is the biggest federal settlement for deceptive marketing and discriminatory practices.

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Comments (5)
  • vman
    , contributor
    Comments (152) | Send Message
     
    TOOOOO little TOOOOOO LATE... doesn't do crap to help the people that suffered. Sure does help them buy Alstom though... That is turning into another GE joke TOOOOOO!!!! Wish I made this year what GE has spent trying to buy Alstom... so sorry... as an investor your paying for that one... Did they send you a bottle of the best French wine? hummmmm.... what a shame... bet they're enjoy'n it... just like the cents on the dollar for the credit rip.
    20 Jun 2014, 06:19 AM Reply Like
  • bberuch
    , contributor
    Comments (314) | Send Message
     
    Jeffy is so preoccupied with the Alstom ping pong game that attending to other concerns such as keeping the dogs that drag you down, and spending a lot of time and energy on another.
    20 Jun 2014, 08:29 AM Reply Like
  • A Newell
    , contributor
    Comments (508) | Send Message
     
    When is the financial unit due to spin off? The sooner the better.
    20 Jun 2014, 05:53 PM Reply Like
  • Disenchanted
    , contributor
    Comments (195) | Send Message
     
    No wonder big companies relocate overseas.
    21 Jun 2014, 04:24 AM Reply Like
  • John Drake
    , contributor
    Comments (31) | Send Message
     
    Immelt should have been removed years ago. Even Kramer now says to stay away from GE and the "Melter." Look at his record against the S&P over any time frame and it's obvious Welch made a mistake. Yes, the stock had a high PE and then 911 hit but he's had enough time. Get him out.
    21 Jun 2014, 10:44 AM Reply Like
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