Wednesday, July 18, 2012

What's in your wallet?


Probably a cheat and a liar if you have a Capitol One card. Fortunately for 2 Million card holders, the Consumer Financial Protection Bureau has nailed them for their deceit and Cap One will refund $140 Million to their victims customers.

And in related news, the OCC finally got off its dead ass and did some regulating.
In a related action on Wednesday, the Office of the Comptroller of the Currency required the bank to reimburse customers “harmed by unfair billing practices” that unfolded over a 10-year span, from 2002 to June of last year. The O.C.C. imposed a $35 million fine against Capital One.

“Unfair and deceptive practices will not be tolerated,” Thomas J. Curry, the comptroller, said on Wednesday.

Between the restitution to customers and the fines to regulators, the bank will pay $210 million to settle the actions.
Just another day is the fun filled world of banking.

// posted by montag @ 1:00 PM
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