Wait, a bank was held accountable?

Look at that:

Capital One Bank will pay $210 million to settle federal charges that it tricked credit card customers into buying costly add-on services like payment protection and credit monitoring.

Under its agreement with the CFPB, Capital One will pay about $150 million to 2.5 million customers and an additional $25 million penalty. Capital One will pay a $35 million penalty to the Office of the Comptroller of the Currency, a separate federal agency that oversees its banking operations.

The CFPB’s action was also notable for requiring automatic refunds to consumers who were duped — a simple process compared with the mailings and paperwork involved in most class-action settlements.

Capital One did something wrong, was caught, and the money gets sent back to the consumers without having to do anything. This is the type of thing the new bureau can do and is one of the reasons banks (and Republicans) want to get rid of it. Score one for the consumer.

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