Thanks, Elizabeth Warren! Capitol One to pay $210 million as result of CFPB action

Elizabeth Warren speaking with a supporter. The first big enforcement action by the Consumer Financial Protection Bureau, conceived of and originally led by Elizabeth Warren, is netting $210 million from Capital One Financial Corp. for deceptive marketing of credit card 'add-on' products. The settlement will "provide between $140 million and $150 million in restitution to 2 million customers." The remaining $60 million is penalties, $25 million to the CFPB and $35 million and pay an additional $60 million in penalties'$25 million to the CFPB and $35 million to Office of the Comptroller of the Currency, the primary regulator of banks.

This puts all the credit card companies on notice. Gouging customers with deceptive practices will no longer be tolerated. We've got Elizabeth Warren to thank for that. It was her doggedness that kept the idea of the CFPB alive during heated and difficult Dodd-Frank negotiations. And it was Elizabeth Warren who got the Bureau off the ground while Republicans were obstructing the appointment of a permanent director.

Warren's reaction (via email):

"I'm proud that the Consumer Financial Protection Bureau has stood up for middle class families by holding a major credit card company, Capitol One, accountable for deceptive practices," said Warren. "The new consumer agency is only one-year old, but it is fearless. It will hold accountable the largest financial institutions and try to make sure that even the biggest banks follow the rules."

"The CFPB has been pushing to reduce the fine print in credit card agreements and assisting with consumer complaints, and today's action shows how important it is that consumers have someone on their side.  It's critical that we keep moving forward and protect the gains we've made, to protect people from financial tricks and traps and help create a level playing field."

This action by the CFPB puts all the banks on notice, but it also makes Elizabeth Warren an even bigger target for defeat. Her opponent, Sen. Scott Brown, is already the darling of Wall Street. Expect every banker, his children, his employees, household help and his dog to donate the maximum to Brown to make sure Elizabeth Warren is kept out of the Senate.

Help Elizabeth Warren continue to stand up for middle-class families. Donate $3 to the Warren campaign on Orange to Blue.