The Consumer Financial Protection Bureau (CFPB) is suing Capital One, alleging the bank illegally misled customers by not notifying them of account options that paid higher interest rates.The federal government's consumer watchdog claims Capital One's practices meant millions of customers missed out on a collective $2 billion they could have made in interest payments.

In a lawsuit filed this week, the Consumer Financial Protection Bureau alleged that Capital One – a large U.S.-based bank – failed to pay more than $2 billion in interest to consumers.

On January 14, 2025, the federal government sued Capital One, accusing it of deceptive practices related to its “360 Savings” accounts.

The Consumer Financial Protection Bureau is suing Capital One, which it says kept customers in the dark about higher-yielding savings accounts.

Capital One had a major service outage last week that left many without access to their accounts. Now, it also faces a lawsuit from CFPB.

The Consumer Financial Protection Bureau alleged Tuesday the bank obscured an account from customers that paid a rate 14 times higher than one of its other products.

The financial world is bracing itself with the news of Capital One’s ($COF) $35.3 billion all-stock acquisition of Discover Financial Services

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