The CFPB is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts.

The U.S. Consumer Financial Protection Bureau is suing Capital One, claiming the company cheated customers out of $2 billion by misleading them.

The Consumer Financial Protection Bureau announced Tuesday that it was suing Capital One for misleading consumers about their savings account interest rates and “cheating” them out of more ...

The government’s consumer watchdog sued Capital One on Tuesday for “cheating” customers out of billions in interest payments. The Consumer Financial Protection Bureau (CFPB) accused the banking

The Consumer Financial Protection Bureau accused the bank of “cheating” customers out of more than $2 billion by misleading them about interest rates.

The CFPB is widely seen as a key ally of American consumers, but critics say it costs too much and stifles innovation.

Capital One had a major service outage last week that left many without access to their accounts. Now, it also faces a lawsuit from CFPB.

The bank experienced a “technical issue” with a third-party vendor this week, impacting some account services like deposits and payment processing.

The Consumer Financial Protection Bureau, or CFPB, is a government agency that oversees the consumer finance industry, including banks, lenders and other financial institutions.

The Consumer Financial Protection Bureau is suing Capital One, which it says kept customers in the dark about higher-yielding savings accounts.

Capital One Financial reported a 60% rise in fourth-quarter profit on Tuesday, as a higher income from interests helped the consumer lender. Consumer spending has remained strong on hopes of a soft landing for the economy and falling interest rates,

The Consumer Financial Protection Bureau filed one lawsuit and reached five settlements last week, totaling nearly $206.6 million in civil resolutions and redress.