Capital One Bank
Enforcement, Add-On Products, Credit Cards
In July 2012, the CFPB issued a consent order to Capital One Bank for “mislead[ing] and pressur[ing] customers into purchasing unnecessary products.” Capital One was ordered to refund $150 million to approximately 2.5 million customers for misleading them into purchasing “payment protection and other add-on products sold with [Capital One] credit cards” which would allegedly “improve their credit scores and help them increase the credit limit” on their cards. Capital One also agreed to pay a $35 million fine to its bank regulator, the Office of the Comptroller of the Currency,” and a $25 million fine to the CFPB.
As part of the agreement, Capital One paid a $35 million fine to the Office of the Comptroller of the Currency. It also had to pay $25 million to the Consumer Financial Protection Bureau to “settle an enforcement order tied to the alleged actions.” [Danielle Douglas, “Capital One To Pay $210M For Deceptive Credit Card Practices,” Washington Post, 07/18/12]
Inactive or Resolved
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