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Email On July 17, 2012, the Consumer Financial Protection Bureau ("CFPB") reached a groundbreaking $165 million settlement with a credit card issuer in its first enforcement action, ordering Capital One Bank (USA), N.A. to refund $140 million to two million customers who purchased its credit card "add-on" products and to pay a $25 million fine into the CFPB's Civil Penalty Fund. The CFPB is a powerful regulatory agency that was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act to implement and enforce federal consumer financial laws and to promote fair, transparent and competitive and accessible markets for consumer financial services and products. After a quiet first year, the CFPB now has aggressively asserted its vast enforcement powers and levied significant financial penalties in its regulation of the marketing and sale of consumer financial products. https://www.cadwalader.com/resources/clients-friends-memos/the-consumer-financial-protection-bureau-the-controversial-new-regulator-begins-with-an-aggressive-enforcement-settlement-against-a-financial-services-company