On February 27, 2025, the CFPB announced the dismissal of its lawsuit against Capital One, which had accused the bank of misleading customers regarding interest rates on its "360 Savings" accounts. The CFPB alleged that customers were unaware they were receiving below-market rates compared to the higher rates advertised for "360 Performance Savings" accounts, potentially costing them $2 billion in lost interest. This dismissal, directed by the new acting director Russell Vought, is permanent and prevents the CFPB from reinitiating the case in the future, much to Capital One's satisfaction.
The CFPB has dropped its lawsuit against Capital One, alleging "deceptive acts and practices" regarding interest rates on savings accounts.
According to CFPB, this allegedly deceptive practice may have cost Capital One customers as much as $2 billion.
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