Signet Jewelers is under scrutiny for its credit and financing practices – tech2.org

Signet Jewelers is under scrutiny for its credit and financing practices



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Signet Jewelers is under scrutiny by federal and state agencies regarding its financing and credit practices.

In a report filed with the SEC on Friday, the jeweler said that the Application Office of the Consumer Financial Protection Office is considering recommending that the office take legal action against him.

According to Signet, the CFPB is examining its credit practices, promotions and payment protection products in the store.

Related: The worst day for shopping center diamonds in 25 years

The presentation said that the execution office believes that Signet may have violated a federal law that prohibits companies from "unfair, deceptive or abusive "by offering consumers a financial product or service.

Signet, owner of Kay Jewelers, Zales and Jared The Galleria of Jewelry offers customers financing options through company credit cards.

In addition, Signet said the New York Attorney General's Office "is investigating similar problems." The AG office told CNNMoney that it is investigating the company's financial practices.

Signet said he believes he acted legally and added that "Signet has cooperated with both regulators and maintains its belief that the potential claims of CFPB and NYAG lack merit." 19659002] The company said last month that revenue fell $ 30 million during the most recent quarter. He also warned that the gains for next year will be slight. Hurricanes and weak sales in engagement and wedding rings led to a "challenging" quarter, said CEO Virginia Drosos.

Correction: an earlier version of this article incorrectly stated that the CFPB enforcement office had recommended measures against Signet. In fact, he is considering a recommendation.

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