WSJ: GE Consumer Finance Unit Faces Two Federal Probes
The Wall Street Journal reported, based on disclosures that were released in its filings with regulators for a planned IPO of the business, that GE’s retail credit business is facing a pair of probes from federal regulators over possible violations of consumer finance laws.
According to the Journal , Synchrony Financial, the new name of GE’s consumer-credit arm, is in discussions with the Consumer Financial Protection Bureau related to “debt cancellation products” and marketing practices for those services.
The Journal also said, according to the filings, GE is in talks with the Justice Department to resolve a separate issue investigated by the CFPB involving a potential violation of federal lending discrimination laws for excluding Spanish-speaking customers from settlement offers.
To read the entire Journal article, click here.