The credit card company Capital One, famous for its ad slogan "what's in your wallet," was fined $210 million by the government for fraudulent billing practices and misleading customers into buying unnecessary products. The settlement involved the first disciplinary action taken by the Consumer Financial Protection Bureau, an agency created in 2010 by the Dodd-Frank Act, a sweeping overhaul of the financial regulatory system championed by President Obama. The CFPB is charged with protecting consumers from predatory practices that banks, mortgage lenders, and other financial companies deployed in the run-up to the 2008 financial crisis. Capital One said the wrongdoing was committed by outside call centers, but apologized to its customers and pledged to make it up to them.
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