Capital One, one of the nation's biggest banks, will reimburse $150 million to more than two million customers for selling them credit card products they could not use or did not want, as the Consumer Financial Protection Bureau (CFPB) leveled its first enforcement action against the financial industry, the New York Times' DealBook blog reported today. The CFPB yesterday hit Capital One with findings that a vendor working for the bank had pressured and deceived card holders into buying products presented as a way to protect them from identity theft and hardships like unemployment or disability. Under the deal with regulators totaling $210 million including fines to authorities, Capital One must temporarily halt the marketing of certain add-on products and submit to an independent audit. The bank said that it thought the refunds, which victims are to begin receiving later this year, would average less than $100 a person.
