OCC Assesses Civil Money Penalty Against Capital One, Orders Restitution to 2.5 Million Customers

The OCC announced a civil penalty against Capital One Bank for violations of section 5 of the Federal Trade Commission Act. Additionally, Capital One Bank was ordered to reimburse $150 million to affected consumers. The penalities primarily related to the marketing of services such as debt suspension and cancellation porducts and credit monitoring products. (We note that in our July 18 news, we noted that the CFPB has published a bulleting regarding the marketing of credit card add-on products. A link to that report is in the relevant news item.)

View release in full here (links externally to OCC website).Additional Materials: Consent Cease and Desist Order; Consent Order for a Civil Money Penalty