(WASHINGTON) — The Consumer Financial Protection Bureau set up by the Dodd-Frank financial reform law announced its first “enforcement action” on Wednesday.
Capital One Bank is paying $210 million to settle a case charging that it deceived credit card customers into buying services like payment protection and credit monitoring.
The CFPB says that Capital One call-center workers told customers the products were free, misled them about the benefits and let people to think the services were required to hold a card.
Capital One will refund about $150 million to more than two million customers.
Affected consumers either initially enrolled in a product on or after August 1, 2010, or tried to cancel a product on or after Aug. 1, 2010, but were persuaded to keep the product after speaking with a call-center representative.
If the consumers are still Capital One customers, they will receive a credit to their accounts. If they are no longer a Capital One credit card holder, they will receive a check in the mail.
Consumers are not required to take any action to receive their credit or check.
Copyright 2012 ABC News Radio
Sam Turner, Deseret News
Ahiza Garcia, CNN Newswire