The Federal Trade Commission and the Federal Deposit Insurance Corp. will seek more than $100 million in fines and restitution against Atlanta-based CompuCredit Corp. and affiliate banks, the Wall Street Journal reported Tuesday.

Kirkland & Ellis partner Pat A. Cipollone in Washington is advising CompuCredit on the matter, said FTC spokesman Frank Dorman.

CompuCredit said in a May 7 regulatory filing that it was in discussions with both the FTC and FDIC, the newspaper said. CompuCredit said in the regulatory filing that the agencies, starting in 2006, began investigating its "policies, practices and procedures used in connection with our credit card originating financial institution relationships. ... we expect to enter into settlement agreements with the FDIC and FTC limiting certain marketing, servicing and collection practices ... and requiring us to credit various fees to affected customers."

On Tuesday, the FTC said in a news release that it and the FDIC will charge an unnamed company with "using deceptive marketing practices and abusive debt collection tactics affecting consumers in the subprime market.” The Wall Street Journal said the charges will be issued against CompuCredit and the banks that issue CompuCredit's credit cards.

The FTC plans to file a suit in U.S. District Court for the Northern District of Georgia, charging credit-card-marketing and debt-collection companies with using deceptive practices aimed at borrowers with poor credit, the WSJ said. The FDIC plans to file administrative charges against CompuCredit.

On Tuesday, CompuCredit said that the charges it anticipates the agencies to file are "untrue and without merit."

"The credit card programs at issue complied with applicable laws and regulations," CompuCredit said in a statement. "In fact, the FDIC repeatedly determined over the years now at issue that the marketing materials fully disclosed fees and terms in compliance with consumer protection laws."

In 2006, CompuCredit and Synovus Financial Corp.'s Columbus Bank & Trust, which has issued CompuCredit’s cards, reached an agreement with former New York Attorney General Eliot Spitzer to pay $11 million in restitution to New York customers based on deceptive practices.

CompuCredit markets credit cards, under the brands Aspire and Emerge, to consumers with poor credit histories.