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CFPB sues Capital One for 'cheating' customers out of over $2 billion in interest (www.cnbc.com)

submitted 3 days ago by MicroWave to c/economics

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Summary

The Consumer Financial Protection Bureau (CFPB) is suing Capital One for allegedly misleading customers about interest rates on its savings accounts, resulting in over $2 billion in lost interest.

The CFPB claims Capital One failed to inform "360 Savings" account holders about the higher-yield "360 Performance Savings" account, freezing the former's rate at 0.3% while the latter rose to 4.35% by 2024.

Capital One denies the allegations, asserting transparency and vowing to defend itself.

The lawsuit highlights concerns over deceptive banking practices and customer trust.

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[–] [email protected] 3 points 3 days ago (2 children)

$500M fine sounds appropriate.

[–] Frozengyro 5 points 3 days ago

That'll stop them from ever doing it again. Only profiting 1.5 billion on it after all.

[–] brlemworld 2 points 3 days ago

In addition to back payments.