CFPB sues Capital One, alleging $2B in interest cheated from customers on savings accounts.

The Consumer Financial Protection Bureau (CFPB) has sued Capital One, accusing the bank of cheating millions of customers out of over $2 billion in interest payments on high-yield savings accounts. The CFPB alleges that Capital One froze interest rates at 0.30% while national rates rose, and failed to inform customers about a new higher-rate account. Capital One denies the claims and plans to defend itself in court.

2 months ago
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