In the largest decision of its kind, the Consumer Financial Protection Bureau ordered GE Capital Retail Bank to pay an estimated $225 million to consumers "harmed by illegal and discriminatory credit card practices," according to PYMNTS.com
The settlement resolves allegations that the bank intentionally excluded minority borrowers of Hispanic descent from two of its credit-card debt repayment programs. Of the total settlement, the bulk of funds - $169 million - will go to the 108,000 borrowers who were unable to receive debt relief because of their national origin, the payments web site said.
TheStreet Ratings team rates GENERAL ELECTRIC CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."