Capital One to Pay $140M to Customers


Capital One Financial Corp's (NYSE:COF) Capital One Bank will pay $165 million to resolve charges by the U.S. Consumer Financial Protection Bureau that it misled consumers into paying for extra credit card products, the agency said On Wednesday.

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The CFPB, in its first public enforcement action, said it is requiring the bank to pay $140 million to consumers, in addition to a $25 million penalty.

"Today's action puts $140 million back in the pockets of 2 million Capital One customers who were pressured or misled into buying credit card products they didn't understand, didn't want, or in some cases, couldn't even use," said CFPB Director Richard Cordray.

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