Washington • GE Capital Retail Bank has agreed to pay $169 million to settle a lawsuit accusing it of discriminating against Hispanic credit card customers, the Justice Department said Thursday.
The Justice Department on Thursday called it the largest government credit-card discrimination settlement ever. The department joined the Consumer Financial Protection Bureau in announcing the agreement.
In addition, GE Capital must refund $56 million to about 638,000 consumers who were subjected to deceptive marketing practices to promote extra credit-card products known as "add-ons," in an agreement with the CFPB. The practices included falsely marketing products as free of charge, failing to tell consumers that they didn't qualify for the offers because they were retired or disabled, failing to make it clear that consumers were making a purchase and falsely telling them the offers were for a limited time only.