On Wednesday, the Consumer Financial Protection Bureau (CFPB) leveled its first public enforcement action, an order requiring Capital One Bank to refund approximately $140 million to nearly two million customers and pay a $25 million penalty.
The action, announced on July 18, was made in coordination with the Office of the Comptroller of the Currency (OCC). It resulted from a CFPB examination that identified “deceptive marketing tactics” used by Capital One’s vendors “to pressure or mislead consumers” into paying for add-on products.
