Wednesday, July 18, 2012

That $210 million fine on Capitol One? Thank Elizabeth Warren

From MSNBC NBC News:
WASHINGTON -- Capital One Financial agreed to pay $210 million to resolve charges by U.S. banking regulators that its call-center representatives misled consumers into paying for extra credit card products. 
The enforcement action, announced on Wednesday, is the first by the Consumer Financial Protection Bureau, which said it unearthed the activities through an examination of the bank. 
And who created the Consumer Finance Protection Bureau? That's right. Liz Warren.

It's amazing to see the CFPB already have this much impact on protecting consumers. Let's hope it's just a small example of what's to come.

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