GE Capital Retail Bank Agrees to Refund $34 Million
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General Electric Co.’s retail finance unit will refund as much as $34.1 million to more than 1 million people who U.S. regulators said were deceptively enrolled in a credit card for medical debt.
GE Capital Bank entered into a consent agreement with the Consumer Financial Protection Bureau, which said in a statement today that the company’s CareCredit business sold consumers a card at the offices of doctors, dentists and other providers to cover medical debt with a “deferred interest” provision that resulted in annual interest payments as high as 26.99 percent.