Federal regulators are conducting two investigations into General Electric's credit card business for potential violations of consumer finance laws, according to a regulatory filing related to the unit's planned initial public offering.
The credit card business, now named Synchrony Financial, said it is in talks with the Consumer Financial Protection Bureau (CFPB) regarding a review of its debt cancellation products and related marketing practices, according to the regulatory filing dated March 13.
The consumer bureau, which was created by the 2010 Dodd-Frank law, has long had concerns about consumers' access to accurate credit information.
The company also said that it notified the CFPB about a problem with its Spanish-language filing after spotting it as part of an internal audit.
The matter was referred to the Department of Justice (DoJ), which initiated a civil investigation over a possible violation of the Equal Credit Opportunity Act, as some Spanish-speaking customers and customers residing in Puerto Rico were excluded from certain statement credit and settlement offers, according to the filing.