http://money.cnn.com/2012/07/18/pf/capital-one-refund/index.htm
NEW YORK (CNNMoney) -- In its first public enforcement action, the
Consumer Financial Protection Bureau announced it is fining Capital One
Bank for pressuring and misleading two million customers into buying additional products when they opened their credit card accounts.
The
bank will refund roughly $140 million to customers and pay an
additional $25 million penalty to the CFPB for using deceptive marketing
tactics, the government's consumer watchdog said Wednesday.
Capital One (COF, Fortune 500)
will also pay the Office of the Comptroller of the Currency a $35
million penalty and refund an additional $10 million to customers for
unfair billing practices. The two actions combined bring the bank's
total payout to $210 million.
The CFPB said that Capital
One, one of the nation's largest credit card lenders, pressured and
misled consumers into paying for "add-on products" like payment
protection and credit monitoring when they activated their credit cards.
