The Consumer Financial Protection Bureau announced it was suing Capital One for "cheating" customers out of more than $2 billion in interest.

Summary

The Consumer Financial Protection Bureau (CFPB) is suing Capital One for allegedly misleading customers about interest rates on its savings accounts, resulting in over $2 billion in lost interest.

The CFPB claims Capital One failed to inform “360 Savings” account holders about the higher-yield “360 Performance Savings” account, freezing the former’s rate at 0.3% while the latter rose to 4.35% by 2024.

Capital One denies the allegations, asserting transparency and vowing to defend itself.

The lawsuit highlights concerns over deceptive banking practices and customer trust.