UPDATE 1-CompuCredit settles for $114 mln in marketing case

(Adds CompuCredit statement, details on settlement)

WASHINGTON, Dec 19 (Reuters) - CompuCredit Corp (CCRT.O) has agreed to provide $114 million in restitution to consumers to settle charges it deceptively marketed subprime credit cards, the Federal Deposit Insurance Corp said on Friday.

The FDIC said the credit card company would give consumers credits for certain fees arising from the marketing practices. The order with the FDIC also includes a civil money penalty of $2.4 million, the agency said.

Only the eligible consumers whose current balances are less than the amount of credits to be applied will receive cash refunds, the FDIC said. The cash payments are estimated to total about approximately $3.7 million.

CompuCredit did not admit or deny liability as part of the settlement with the FDIC and with the Federal Trade Commission.

The company said the settlement relates to marketing practices from 2005 and prior years, and does not require any change to its existing marketing or servicing practices and does not have a material impact on its financial condition.

"We are pleased to have reached this settlement with the FDIC and the FTC in order to resolve their concerns regarding the company's past marketing practices," said CompuCredit Chief Executive David Hanna in a statement. (Reporting by Karey Wutkowski, editing by Dave Zimmerman)