BofA, Wells Fargo Used Products That Led to CFPB Settlement

Bank of America Corp., Wells Fargo & Co. and Citigroup Inc. were among the largest clients of firms whose products led to a $210 million settlement between Capital One Financial Corp. and federal regulators.

Intersections Inc. and Affinion Group Holdings Inc. both provided credit-monitoring programs that were marketed and sold by third-party vendors to Capital One cardholders, according to settlement documents dated July 17. Bank of America, Wells Fargo and Citigroup were listed in securities filings as major customers by one or both of the providers, with Bank of America accounting for more than half of annual revenue at Intersections. The vendors weren’t named, and regulators didn’t accuse Intersections or Affinion of misconduct.