Signet Jewelers says CFPB recommending legal action be taken against company
On September 6, 2017, the Consumer Financial Protection Bureau notified Signet that, in accordance with the CFPB's discretionary Notice and Opportunity to Respond and Advise process, the CFPB's Office of Enforcement is considering recommending that the CFPB take legal action against Signet, alleging that Signet violated SectionSection 1031 and 1036 of the Consumer Financial Protection Act of 2010, 12 U.S.C. SectionSection 5531, 5536, and the Truth in Lending Act, 15 U.S.C. Section 1601 et seq., and its implementing regulation, relating to in-store: credit practices, promotions, and payment protection products. The purpose of a NORA letter is to provide a party being investigated an opportunity to present its position to the CFPB before an enforcement action is recommended or commenced. This notice stems from an inquiry that commenced in late 2016 when Signet received and responded to an initial Civil Investigative Demand. Signet has cooperated and continues to fully cooperate with the CFPB. On September 27, 2017, Signet submitted a response to the NORA letter to the CFPB, which stated its belief that the potential claims lack merit. The Attorney General for the State of New York is investigating similar issues under its jurisdiction. Signet has been cooperating with the NYAG's investigation which remains ongoing. Signet continues to believe that its acts and practices relating to the matters under investigation are lawful. Signet is currently unable to predict the timing or outcome of the NORA process or NYAG investigation and no possible loss or range of losses, if any, arising from the investigations is able to be estimated.