Wednesday, July 18, 2012

Capital One fined $60 million for deceiving credit card customers into buying services like payment protection and credit monitoring.

abcnews.go.com
The new Consumer Financial Protection Bureau announced its first enforcement action today, with Capital One Bank paying $210 million to settle charges that it deceived credit card customers into buying services like payment protection and credit monitoring.

The CFPB, set up by the Dodd-Frank financial reform law, said in a statement that Capital One call-center workers told customers the products were free, misled them about the benefits and let people think the services were required to hold a card.
Capital One will refund about $150 million to more than two million customers. It will pay penalties of $60 million.

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