July 18th, 2012

U.S. consumer agency orders Capital One to pay $165 million

By Alexandra Alper
Reuters

Capital One Financial Corp’s Capital One Bank will pay $165 million to resolve charges by the U.S. Consumer Financial Protection Bureau that it misled consumers into paying for extra credit card products, the agency said On Wednesday.

The CFPB, in its first public enforcement action, said it is requiring the bank to pay $140 million to consumers, in addition to a $25 million penalty.

Read more: http://www.reuters.com/article/2012/07/18/us-capitalone-cfpb-idUSBRE86H0SJ20120718

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