As the CFPB gets ready to mark their 1 year anniversary some big news is breaking. The CFPB is fining Capital One $210 Million dollars for their deceptive practices. According to the Wall St. Journal:
The McLean, Va., banking company will refund $150 million to 2.4 million consumers who bought Capital One-branded products over the phone. The company will also pay $60 million in fines, including $25 million to the Consumer Financial Protection Bureau in its first major enforcement action.
Consumers Union alongside consumer activists like you fought hard for a financial watchdog that could reign in credit card companies. Today’s announcement is proof that now someone is actually watching out for what’s in your wallet.
Good job CFPB!