Two of the big guys have been hit with big fines and forced customer reimbursements in the last two weeks.  According to an article on  American Express and Discover were smacked with big, big fines.  $112.5 million for American Express, of which $85 million constitutes customer refunds; $200 million in refunds for Discover, plus an additional $14 million in fines.

American Express is accused of misleading “Blue Sky” customers.  The customers believed they were in line for a $300 refund which they never received, amongst numerous other questionable practices.

Discover is accused of deceiving people into thinking they were testing certain financial products when in fact they already paying for them.

It’s clear that the CFPB is looking hard and fast for credit card companies that employ unfair marketing practices.

It seems the attention is having an effect.  Recently the Wall street Journal reported several big banks including Bank of America and JP Morgan Chase, were “scaling back on payment protection” plans; long considered one of the more questionable ancillary financial products.

The message seems clear.  The CFPB is looking to enhance the customer experience by imposing huge fines on companies whose practices are less than forthright.