Elizabeth Warren's consumer watch-dog forces JP Morgan to pay $329 million refund, and also

[ProSense]

4. "The Consumer Financial Protection Bureau (CFPB) found that..."

The Consumer Financial Protection Bureau (CFPB) found that between 2005 and 2012, Chase charged customers monthly fees ranging from $8 to $12 for services they didn't ask for and didn't receive. The bank collected money from customers for credit card products such as "identity theft protection" and "fraud monitoring," even when the consumer hadn't given consent.

The refund the CFPB ordered the bank to issue includes the total fraudulent fees charged, plus interest, and amounts to about $147 a person.

"At the core of our mission is a duty to identify and root out unfair, deceptive, and abusive practices in financial markets that harm consumers," CFPB director Richard Cordray said Thursday.

The bureau is also forcing the bank to send out the refund checks in a simple, convenient way, so that consumers don't have to take any additional action to get their money, and to submit to an independent audit of the refund process.

Good stuff.

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http://www.democraticunderground.com/10023695894