Customer capital financial reporting
Emily Jane Fox
NEW YORK (CNNMoney) — In its first public enforcement action, the Consumer Financial Protection Bureau announced it is fining Capital One Bank for pressuring and misleading two million customers into buying additional products when they opened their credit card accounts.
The bank will refund roughly $140 million to customers and pay an additional $25 million penalty to the CFPB for using deceptive marketing tactics, the government’s consumer watchdog said Wednesday.
Capital One will also pay the Office of the Comptroller of the Currency a $35 million penalty and refund an additional $10 million to customers for unfair billing practices. The two actions combined bring the bank’s total payout to $210 million.
The CFPB said that Capital One, one of the nation’s largest credit card lenders, pressured and misled consumers into paying for “add-on products” like payment protection and credit monitoring when they activated their credit cards.
The CFPB said that consumers with low credit scores or low credit limits were sometimes led to believe that the product would improve their credit scores, were misinformed about the cost and were told that purchasing the product was required. Some were even enrolled without their consent.
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The sec and justice dept need to get their house in order
The folks at the Securities and Exchange Commission and the Justice Department?
The feds are, after all, the only people who really possess the power to prevent things like Enron from happening in the first place.
But they let them go on every day of the week, from one end of Wall Street to the other.
It is only after the fact - when the businesses have been looted and destr...eed, anyone - was bothering even to read the financials of public companies before waving them past the metal detectors on the way to the capital trough of Wall Street.
Yet I'm not holding my breath for any answers, and you shouldn't either - lest you turn blue.
In the current climate on Wall Street, we'll all probably wear ourselves out first taking free swats at the Enron piñata.
The residual effects of the Enron (ENE) debacle are slowly, but surely, beginning to PERMEATE the investment landscape. In many instances it is hard to know whether the secondary problems are critically severe, or just a case of paranoid investors overreacting to ghosts. In 1997, ENE was a rather ordinary gas distribution company trading at $20/share. In the 1998-2000 period, the stock rocketed ...AVG. EQUAL WTD. % CHANGE/POSITION IN 2000................................................
For 2000 activity, see prior newsletter detail at
Note-Return does not include dividends, commissions, or taxes in calculation (current yield = 2.2%)
*New Position added this week
**Old Position closed this week
Dave Anderson, President, Gold Investment Advisors,
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