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Feds Investigate Signet’s Credit Practices

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The New York AG is also investigating.

Signet Jewelers revealed that it is under investigation by the U.S. Consumer Financial Protection Bureau in connection with its “credit practices, promotions, and payment protection products.”

 The CFPB’s Office of Enforcement “is considering recommending that the CFPB take legal action against Signet” alleging violations of the Consumer Financial Protection Act and the Truth in Lending Act, Signet (NYSE: SIG) stated in a filing with the Securities and Exchange Commission. 

Signet states in the filing that it “has cooperated and continues to fully cooperate with the CFPB.” It has informed the bureau of its “belief that the potential claims lack merit.”

New York’s attorney general “is investigating similar issues under its jurisdiction,” the company said. Signet said it’s also cooperating with that investigation.

“Signet continues to believe that its acts and practices relating to the matters under investigation are lawful,” the company stated in its SEC filing.

Signet is the parent of Sterling Jewelers, which operates Jared the Galleria of Jewelry, Kay Jewelers and Zales.

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