In 2010, the CFPB was formed as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act due to the 2008 financial crisis. The director of the CFPB, Richard Corday, reported that the consumer task force is still uncovering illegal credit card add-ons to millions of unknowing consumers. In the past four years, this is the 10th action taken against a company that has been accused of “deceptive marketing”. In July of 2014, Citibank agreed in a settlement with the Justice Department to pay $7 billion. It was agreed that $2.5 billion of the settlement was to pay for consumer relief. According to the Wall Street Journal, misleading mortgage-backed securities was a factor to the 2008 financial calamity.
If you or someone you know has been a victim of deceptive marketing, contact an attorney at Abraham, Watkins, Nichols, Agosto, Aziz & Stogner by calling (713) 222-7211 or toll free at 713-222-7211.