|Mar '13||Feb '13|
|# of CUs||7,009||7,048|
|Total Assets |
|Total Savings |
|Loans to Savings||66.3%||67.3%|
Agency says it won't tolerate deceptive credit card marketing.
The Consumer Financial Protection Bureau (CFPB) flexed its regulatory muscles this week by fining one of the nation's largest banks for deceptive credit card marketing tactics.
Capital One has agreed to pay $210 million (including $140 million to reimburse customers) to resolve a probe by the CFPB, marking the new agency's first enforcement action.
The bureau says the bank mislead customers into buying unnecessary products like payment protection and credit monitoring. The action puts other financial institutions on notice to avoid similar mistakes or risk similar enforcement.
"To further protect consumers, the Bureau is issuing a compliance bulletin that puts other institutions on notice that the CFPB will not tolerate deceptive marketing practices, and institutions will be held responsible for the actions of their third-party vendors," the agency reports. "Companies engaging in deceptive practices will be expected to refund fees paid by consumers and, particularly where practices are widespread, pay an appropriate penalty."