Yearly Archives: 2014

GE Capital Fined Record Amount for Discrimination

GE Capital Fined Record Amount for Discrimination

GE Capital, recently renamed Synchrony Bank, has been in double trouble with the Consumer Financial Protection Board (CFPB). The CFPB recently took action against GE Capital regarding their deceptive practices involving their debt reduction credit card add-on products and illegal discrimination. Details on the results of CFPB’s investigation into GE’s marketing practices can be found in GE Capital Fined for…

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GE Capital Fined for Deceptive Marketing

GE Capital Fined for Deceptive Marketing

The Consumer Financial  Protection Bureau (CFPB) has been busy again fining credit card issuers who misled consumers about credit card add-on products.  Synchrony Bank (the newly renamed consumer finance division of GE Capital) became the sixth such bank found to have used deceptive marketing practice related to credit card add-ons in the last two years.  They are joined on this…

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P.F. Chang’s Uses Old Technology to Battle Data Breach

P.F. Chang’s Uses Old Technology to Battle Data Breach

P.F. Chang’s restaurants has gone retro with credit card processing in light of the data breach that they revealed last week. The chain of Chinese restaurants is working with the Secret Service and forensic data analysts to determine the extent of the breach. What is known so far is that credit and debit card numbers were stolen from individual locations…

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And the Survey Says…

And the Survey Says…

Two surveys were recently released pertaining to consumer credit cards; one which polled consumers, and the other questioning bank loan officers. The results show that American consumers having been working harder to manage their credit card debt during the recession which began in 2008-2009. Gallup Economy and Personal Finance Survey A poll by the Gallup News Service entitled Economy and Personal…

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Errors in Credit Reports Addressed by New Bill

Errors in Credit Reports Addressed by New Bill

Consumers Union recently released a report that errors in credit scores and credit reports impacted 40 million Americans and now Senators Sherrod Brown and Brian Schatz have introduced a bill to combat the problem.  With credit reports affecting the interest rates people pay on mortgages, credit cards, and other loans and even employment prospects, errors can be extremely costly to…

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Lawsuits over Card Swipe Fees

Lawsuits over Card Swipe Fees

Credit card swipe fees have come under attack by merchants with two major lawsuits. These fees are what merchants pay to the credit card company (such as Visa, MasterCard, Amex), the credit card issuer (such as Chase, Capital One, Bank of America), and the merchant account processor. The largest portion of the fee is the amount that goes to the…

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