Our Common Good

The first big enforcement action by the Consumer Financial Protection Bureau, conceived of and originally led by Elizabeth Warren, is netting $210 million from Capital One Financial Corp. for deceptive marketing of credit card “add-on” products. The settlement will “provide between $140 million and $150 million in restitution to 2 million customers.” The remaining $60 million is penalties, $25 million to the CFPB and $35 million and pay an additional $60 million in penalties—$25 million to the CFPB and $35 million to Office of the Comptroller of the Currency, the primary regulator of banks.

This puts all the credit card companies on notice. Gouging customers with deceptive practices will no longer be tolerated. We’ve got Elizabeth Warren to thank for that. It was her doggedness that kept the idea of the CFPB alive during heated and difficult Dodd-Frank negotiations. And it was Elizabeth Warren who got the Bureau off the ground while Republicans were obstructing the appointment of a permanent director.

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    well fuck :t