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Credit Grantors

A credit grantor is any individual or business that extends credit to customers. The credit can be for other businesses or consumers and can come in many forms, such as closed-end loans (like auto loans, mortgages, and student loans), revolving loans (like credit cards or certain home equity loans), or a hybrid of the two. Some credit is backed by property or assets.

In the U.S., the primary credit grantors are large commercial banks and credit unions. But credit is also extended by small businesses, governments, and other organizations.

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GE Capital/Synchrony Bank to Pay $225 million in CFPB Credit Card Discrimination Action

The Consumer Financial Protection Bureau (CFPB) today announced that it is ordering GE Capital Retail Bank, now known as Synchrony Bank, to provide an estimated $225 million in relief to consumers harmed by illegal and discriminatory credit card practices. The CFPB said it is the federal government’s largest credit card discrimination settlement in history.