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Capital One to Pay $210 Million in First CFPB Enforcement

Capital One Financial Corp. will pay a total of $210 million to settle charges of deceptive marketing of credit card “add-on” products such as payment protection and credit monitoring.

It was the first public enforcement case brought by the Consumer Financial Protection Bureau, established by the Dodd-Frank Act to increase oversight of consumer financial products. The bureau and the Office of the Comptroller of the Currency, the bank’s primary regulator, said Capitol One agreed to provide between $140 million and $150 million in restitution to 2 million customers and pay an additional $60 million in penalties -- $25 million to the CFPB and $35 million to the OCC.