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CFPB Gets Full Refund for Capital One Customers Abused by Add-On Credit Card Fees  October 18, 2016 – 05:33 pm
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CFPB forces Capital One to rebate excess fees to credit card customers

In a proof of concept one year after the standing up of the agency, the Consumer Financial Protection Bureau announced an enforcement action that will give consumers a full refund on illegal credit card fees extracted by Capital One.

The enforcement action, the first from the CFPB, accomplishes the rare feat of clawing back exactly the amount gained on the illegal action, plus interest, for all 2 million consumers affected. This sounds intuitive, but happens rarely in Washington. In fact, in this case, Capital One will pay a $25 million penalty on top of what they gained in fees. Here’s an excerpt of the press release from CFPB:

Through the supervision process, CFPB’s examiners discovered Capital One’s call-center vendors engaged in deceptive tactics to sell the company’s credit card add-on products. These products included “payment protection, ” which allows consumers to request that the bank cancel up to 12 months of minimum payments – roughly one percent of their credit card balance – if they encounter certain life events like unemployment and temporary disability. It also provides debt forgiveness in the event of death or permanent disability. Another product was “credit monitoring, ” with services such as identity-theft protection, access to “credit education specialists, ” and, in some cases, daily monitoring and notification.

Source: Firedoglake

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Investment advice

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................................................………………..+21.4%
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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