Capitol One to Pay $210 Million Fine for Misleading Customers on Credit Card Fees

July 19, 2012
Headlines

The banking giant Capitol One has agreed to pay a fine of $210 million for deceiving customers into paying extra charges on credit cards. Under the scam, Capitol One targeted the unemployed or people with poor credit and misled them to believe additional credit card services were mandatory or free. Most of the money will go toward compensating the bank’s duped customers. The case marked the first enforcement action brought by the Consumer Financial Protection Bureau, established under the Obama administration in response to the financial crisis.