The Consumer Financial Protection Bureau alleges that Capital One misled consumers regarding its 360 Savings accounts, freezing interest rates while higher rates were available on other products.
CFPB claims that Capital One did not inform 360 Savings account holders about the new 360 Performance Savings account, thus allegedly cheating consumers out of billions in interest.
CFPB Director Rohit Chopra stated, 'Banks should not be baiting people with promises they can't live up to,' regarding Capital One's alleged mismanagement of savings accounts.
Capital One has responded that it strongly disagrees with the allegations and is disappointed by what it sees as an eleventh-hour lawsuit from the CFPB.
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