Capital One: Guess what's on your credit card statement?

Last week, the Consumer Financial Protection Bureau announced its first public enforcement action: an order requiring Capital One Bank to refund approximately $140 million to 2 million customers who were pressured or mislead into paying for “add-on” products such as payment protection and credit monitoring when activating their Capital One credit cards.

CFPB is the bureau of the federal government that’s tasked with protecting consumers by carrying out consumer financial laws, so that people are able to make financial decisions in their own best interests while knowing they are protected from unfair, deceptive, or abusive practices -- whether they are applying for a mortgage, choosing among credit cards, or using a bank account. 

CFPB was established as part of the Wall Street reforms President Obama signed into law two years ago.

The recent enforcement action is the result of a CFPB examination that discovered Capital One’s call-center vendors engaged in deceptive tactics to sell the company’s credit card add-on products. In some cases, consumers were led to believe that the product would improve their credit scores and help them increase the credit limit on their Capital One credit card. 

In other instances, consumers were not told that buying the products was optional, or were sold products they were ineligible to take advantage of.

This is another example of the differences between Democrats and Republicans. Republicans have tried to stop consumer protection law for years. 

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WIN: Obama makes some recess appointments at At NLRB and Consumer Financial Protection Bureau

1/4/2012

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By Doug Cunningham 

President Obama Wednesday used recess appointments to fill positions on the National Labor Relations Board. Sharon Block, Terence F. Flynn and Richard Griffin were appointed to the board. Senate Republicans had blocked confirmation of the president’s NLRB board members. The president has the power to appoint his nominees when Congress is in recess. Obama also used recess appointment for Richard Cordray to head the Consumer Financial Protection Bureau. AFL-CIO President Rich Trumka commended Obama’s NLRB appointments and said it ensures that crucially important agencies protecting workers and consumers are not shut down by Republican obstructionism.

By Doug Cunningham 

President Obama used recess appointments to fill positions on the National Labor Relations Board.

Sharon Block, Terence F. Flynn and Richard Griffin were appointed to the board. Senate Republicans had blocked confirmation of the president’s NLRB board members.

The president has the power to appoint his nominees when Congress is in recess. Obama also used recess appointment for Richard Cordray to head the Consumer Financial Protection Bureau.

AFL-CIO President Rich Trumka commended Obama’s NLRB appointments and said it ensures that crucially important agencies protecting workers and consumers are not shut down by Republican obstructionism.

However, Obama is having trouble confirming judges. 

The Alliance for Justice shows that the GOP’s obstructionism is unprecedented.

[T]he Senate confirmed fewer of [Obama's] district and circuit nominees than every president back to Jimmy Carter, and the lowest percentage of nominees – 58% – than any president in American history at this point in a President’s first term. By comparison, Presidents George W. Bush, Clinton, George H.W. Bush, Reagan and Carter had 77%, 90%, 96%, 98%, and 97% of their nominees confirmed after two years, respectively.

source: http://thinkprogress.org/justice/2011/06/02/234775/mcconell-wont-confirm/ and Workers Independent News

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