Consumer Bureau Enforces Action Against Capital One - KALB-TV News Channel 5 & CBS 2

Consumer Bureau Enforces Action Against Capital One

Posted: Updated:

ALEXANDRIA, La. (LowCards.com) - In its first public enforcement case, the Consumer Financial Protection Bureau announced Wednesday that is will make Capital One Bank pay up to $210 million to settle charges of deceptive marketing credit card practices from some of the company's third-party vendors.

Capital One will pay between $140 million and $150 million to two million consumers as a result of the bank's telemarketers deceptively pushing such products as credit monitoring and payment protection. In addition, Capital One will have to pay fines of $25 million to the CFPB and $35 million to the Offices of the Comptroller of the Currency.

"Today's action puts $140 million back in the pockets of two million Capital One customers who were pressured or misled into buying credit card products they didn't understand, didn't want, or in some cases, couldn't even use. We are putting companies on notice that these deceptive practices are against the law and will not be tolerated." said CFPB Director Richard Cordray in an official statement.

The CFPB was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to help in the oversight of consumer financial products. The bureau has the authority to issue consent orders and take action against institutions engaging in unfair, deceptive, or abusive practices.

  • Most Popular StoriesMost Popular StoriesMore>>

  • New meaning to "Labor Day" at the Zoo

    New meaning to "Labor Day" at the Zoo

    Monday, September 1 2014 3:50 PM EDT2014-09-01 19:50:30 GMT
    ALEXANDRIA, La. (KALB News Channel 5) -- Staff at the Alexandria Zoo are hard at work on Labor Day.The zoo is always open on the holiday. But, a couple of the exhibits need some extra care.That's because they're celebrating a different kind of "Labor Day" - the birth of several new baby animals.More >>
    ALEXANDRIA, La. (KALB News Channel 5) -- Staff at the Alexandria Zoo are hard at work on Labor Day.The zoo is always open on the holiday. But, a couple of the exhibits need some extra care.That's because they're celebrating a different kind of "Labor Day" - the birth of several new baby animals.More >>
  • U.S. carries out airstrikes against Isis in Northern Iraq

    U.S. carries out airstrikes against Isis in Northern Iraq

    Sunday, August 31 2014 10:14 PM EDT2014-09-01 02:14:05 GMT
    WASHINGTON D.C. (AP) - The U.S. military says it has carried out two more airstrikes against Islamic State fighters in northern Iraq.More >>
    WASHINGTON D.C. (AP) - The U.S. military says it has carried out two more airstrikes against Islamic State fighters in northern Iraq.
    More >>
  • Invest 99-L (Tropical Blog 9-1)

    Developing Tropical Wave over the Southern Gulf of Mexico

    Developing Tropical Wave over the Southern Gulf of Mexico

    Monday, September 1 2014 10:53 AM EDT2014-09-01 14:53:56 GMT
    Monday, September 19:47amIn the Atlantic, Gulf of Mexico and Caribbean, there is One area that we are watching for possible development during the next 48 hours.Invest 99-L (Tropical Wave)A Tropical disturbance over the Yucatan Peninsula Eastern Bay of Campeche is producinga lot of shower thunderstorm and is associated with a Tropical Wave. This system continues to show limited development as it moves over the warm water of the Southern GoM. Environmental conditions are favorable for develo...More >>
    Monday, September 19:47amIn the Atlantic, Gulf of Mexico and Caribbean, there is One area that we are watching for possible development during the next 48 hours.Invest 99-L (Tropical Wave)A Tropical disturbance over the Yucatan Peninsula Eastern Bay of Campeche is producinga lot of shower thunderstorm and is associated with a Tropical Wave. This system continues to show limited development as it moves over the warm water of the Southern GoM. Environmental conditions are favorable for develo...More >>
Powered by WorldNow
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KALB. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.