CFPB Sues Capital One for $2 Billion in Alleged Interest Rate Fraud
In short, the CFPB alleges Capital One misled consumers regarding its savings accounts, resulting in over $2 billion in lost interest. The suit centers on the bank’s alleged deceptive marketing of its “360 Savings” account, which offered significantly lower interest rates than its “360 Performance Savings” account, while employing tactics to obscure the superior option from customers. Capital One denies these allegations and asserts its marketing was transparent. The lawsuit precedes a change in administration, prompting a strong denial from Capital One.
John Q. Hosedrinker