Capital One to Pay $210M

BIG BUCKS

Updated Apr. 21, 2017 4:26PM EDT / Published Jul. 18, 2012 11:10PM EDT

Andrew Harrer, Bloomberg / Getty Images

Capital One Financial agreed on Wednesday to pay $210 million after being fined by banking regulators after call-centers allegedly misled customers into paying for extra credit-card products. The government said $150 million will be used to reimburse the customers, while the remaining will be split between the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau. In a statement, Capital One’s president for credit card business, Ryan Schneider, apologized to customers and pledged that the bank would “make it right.” The group that led the action against Capital One, the National Community Reinvestment Coalition, said they felt vindicated by the decision.

Read it at Reuters

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Capital One to Pay $210M

Andrew Harrer, Bloomberg / Getty Images