The CFPB is suing Capital One for cheating families out of billions of dollars on their savings accounts, alleging the bank misrepresented interest rates on competing products.
The agency claims Capital One marketed its 360 Savings account as offering competitive rates, while neglecting to inform customers about the higher rates available through the 360 Performance Savings account.
Capital One expressed disappointment over the CFPB's lawsuit, suggesting it is part of a pattern of eleventh-hour legal actions ahead of changes in administration.
The CFPB's lawsuit seeks to halt Capital One's alleged unlawful practices and impose civil penalties to benefit a relief fund for affected customers.
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