Capital One ordered to refund $140 million and pay $25 million penalty over deceptive credit-card add-on marketing

Summary

The Consumer Financial Protection Bureau announced its first public enforcement action in July 2012 against Capital One Bank over deceptive marketing of credit-card add-on products. The CFPB found that vendors working for Capital One used deceptive tactics to pressure or mislead consumers into paying for products such as payment protection and credit monitoring. Some consumers were misled about product costs, eligibility and benefits, and some were enrolled despite being ineligible to receive certain benefits. Capital One was required to refund approximately $140 million to about two million customers and pay a $25 million civil penalty to the CFPB. Primary source: https://www.consumerfinance.gov/archive/newsroom/cfpb-capital-one-probe/