The Consumer Financial Protection Bureau just secured its first settlement which it wrestled away from Capital One Bank in the amount of $150 million for its aggressive and misleading marketing of credit card add-ons. Capital One will have to reimburse more than 2 million customers for fees for services such as credit monitoring and payment protection plans.
But the real story here is what the heck is the Consumer Financial Protection Bureau? If you’ve never heard of it, don’t worry! The new agency is only one year old, but it’s already been busy working to protect you. Their main tasks are to educate consumers, enforce rules and restrictions, and gather information on consumer behavior as it relates to the financial markets. According to their site, their core functions include: