The coolest place on the internet, according to this tagline.

The Consumer Finance Protection Bureau’s first blood: Capital One takes a hit

  • $150M the amount Capital One has agreed to reimburse customers in a settlement with the U.S. Consumer Finance Protection Bureau
  • 2M the number of people who may be affected by the deceptive marketing of unnecessary add-on programs, such as credit monitoring services
  • $75 the average amount each person affected would get, before legal fees; the settlement is the CFPB’s first act of enforcement source

» What this means for consumers: This settlement isn’t simply something that affects Capital One’s customers — rather, it helps set some guidelines for the entire industry, by forcing stronger warnings on add-on services sold by credit card companies; by setting a standard for clear payouts of refunds to consumers; and by discouraging other companies from selling the programs, which many consumer advocates dismiss as “junk products.” Simply put, the Capital One settlement sets a future standard for the financial industry as they work with the CFPB.

Follow ShortFormBlog • Find us on Twitter & Facebook

July 18, 2012 // 17:06 // 2 years ago
blog comments powered by Disqus

18 notes from really cool Tumblrs like ours. Click to read.

  1. returntoappalachia reblogged this from shortformblog
  2. sliverdemon reblogged this from shortformblog
  3. pod313 reblogged this from shortformblog
  4. twisterwitch reblogged this from shortformblog
  5. silas216 reblogged this from shortformblog
  6. megaforge reblogged this from shortformblog
  7. shortformblog posted this