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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