The Consumer Financial Protection Bureau (CFPB) informed Signet on September 6 that it may take legal action against the jeweler, alleging that it violated certain sections of the Consumer Financial Protection Act of 2010 and the Truth in Lending Act. The allegations relate to Signet’s in-store credit practices, promotions and payment-protection products, the retailer explained.
Signet will have the opportunity to present its position to the CFPB before the bureau begins enforcement action.
“Signet continues to believe that its acts and practices relating to the matters under investigation are lawful,” the company’s December 1 statement said. “Signet is currently unable to predict the timing or outcome of the [response] process…and no possible loss or range of losses, if any, arising from the investigations is able to be estimated.”