All posts by LRNadmin

GE Capital to Pay $225 Million

CFPB Orders GE Capital to Pay $225 Million in Consumer Relief for Deceptive and Discriminatory Credit Card Practices Nearly 750,000 Consumers Harmed by Illegal Credit Card Practices WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) is ordering GE Capital Retail Bank (GE Capital), now known as Synchrony Bank, to provide an estimated $225 million in relief to consumers harmed by illegal and discriminatory credit card practices. GE Capital...

Discover to Pay $200 Million Consumer Refund for Deceptive Marketing

Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau Order Discover to Pay $200 Million Consumer Refund for Deceptive Marketing WASHINGTON, D.C. – Today, the Federal Deposit Insurance Corporation (FDIC) and the Consumer Financial Protection Bureau (CFPB) announced a joint public enforcement action with an order requiring Discover Bank to refund approximately $200 million to more than 3.5 million consumers and pay a $14 million civil money penalty. This...

What is risk-based pricing?

Risk-based pricing occurs when lenders offer different consumers different interest rates or other loan terms, based on the estimated risk that the consumers will fail to pay back their loans. This means, for example, that lenders will generally offer a higher interest rate to you if they view you as a higher risk borrower – say, because you recently declared bankruptcy, lost a job, or are several payments behind...

Bank Of America To Pay $727 Million In Consumer Relief

CFPB Orders Bank Of America To Pay $727 Million In Consumer Relief For Illegal Credit Card Practices Millions of Consumers Harmed by Bank’s Deceptive Marketing and Unfair Credit Card Billing Practices WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America, N.A. and FIA Card Services, N.A. to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on...

Capital One Credit Card Marketing Pays $140 Million Refund

CFPB Probe into Capital One Credit Card Marketing Results in $140 Million Consumer Refund WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced its first public enforcement action with an order requiring Capital One Bank (U.S.A.), N.A. to refund approximately $140 million to two million customers and pay an additional $25 million penalty. This action results from a CFPB examination that identified deceptive marketing tactics used by...

American Express to Pay $85 Million Refund to Consumers

CFPB Orders American Express to Pay $85 Million Refund to Consumers Harmed by Illegal Credit Card Practices Federal Regulators Fine American Express an Additional $27.5 Million WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today announced an enforcement action with orders requiring three American Express subsidiaries to refund an estimated $85 million to approximately 250,000 customers for illegal card practices. This action is the result of a multi-part...

Chase and JPMorgan Chase to Pay $309 Million Refund

CFPB Orders Chase and JPMorgan Chase to Pay $309 Million Refund for Illegal Credit Card Practices Approximately 2.1 Million Consumers Receive Full Refund WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) ordered Chase Bank USA, N.A. and JPMorgan Chase Bank, N.A. to refund an estimated $309 million to more than 2.1 million customers for illegal credit card practices. This enforcement action is the result of work started by...