Capital One: ShortFormBlog

17:06 • 11 months ago

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.

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10:59 • 1 year ago

Tags: News david tepper capital one hedge fund from abcworldnews 505 • Permalink

abcworldnews:

An ATM receipt showing a $100 million account balance was left behind at a Hamptons, Long Island Capital One bank. The receipt, uncovered by Dealbreaker.com, reportedly belongs to billionaire hedge fund manager and Hamptons resident, David Tepper. The ATM slip shows a savings balance of a whopping $99,864,731.94. Needless to say - he had to pay the $2.75 - just like the rest of us. When contacted by Dealbreaker, Mr Tepper joked that he “hadn’t used an ATM since Lehman.” (Taken with instagram)

If Mr. Tepper would like to invest in some new media technology by pulling something out of his ATM account and giving it to us, we’d greatly appreciate the help. :)