CFPB Announces First Enforcement Action
Client Newsflash

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On July 18, 2012, the Consumer Financial Protection Bureau (“CFPB”) announced its first public enforcement action. Citing deceptive tactics in the marketing of certain credit card “add-on” products, the CFPB fined Capital One Bank (U.S.A.), N.A. $25 million and ordered it to refund an additional $140 million, plus interest, to two million customers. Simultaneously with the announcement of the Capital One action, the CFPB issued a compliance bulletin advising institutions within its supervision of the CFPB’s expectations regarding the marketing of these and other similar consumer financial products.