Synchrony Bank, f/k/a GE Capital Retail Bank
The Bureau ordered GE Capital Retail Bank, 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 must refund $56 million to approximately 638,000 consumers who were subjected to deceptive marketing practices. As part of the joint enforcement action by the CFPB and Department of Justice, GE Capital must also provide an additional $169 million to about 108,000 borrowers excluded from debt relief offers because of their national origin.
On May 12, 2025, pursuant to the Bureau’s authority under 12 U.S.C. § 5563(b)(3) and under Paragraph 95 of the Consent Order, the Bureau terminated the Order. The Bank has fulfilled its obligations under the Consent Order, including, among other things, providing at least $259 million in redress to affected consumers, and paying a civil money penalty of $3.5 million. In addition, the Bank ceased engaging in the practices cited in the Consent Order dated June 19, 2014. Furthermore, Executive Order 14281 on “Restoring Equality of Opportunity and Meritocracy,” issued April 23, 2025, mandates that the Bureau eliminate the “use of disparate-impact liability in all contexts to the maximum degree possible” and requires that the Bureau “evaluate existing consent judgments and permanent injunctions that rely on theories of disparate-impact liability and take appropriate action.” Because this Consent Order relied in part on a disparate impact theory of liability, its termination is appropriate to align with the Executive Order 14281.
Related documents
Order Terminating the Consent Order