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

Federal regulators said in a lawsuit on Tuesday that the giant bank deliberately underpaid savings account interest, even as rates rose.

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

If you had a savings account at Capital One between 2019 and mid-2024, you may have been misled into accepting a lower return on your deposits than the marketing suggested, according to a lawsuit filed Tuesday by the government's consumer watchdog agency.

Capital One is defending itself from the CFPB's claims that it cheated customers out of billions of dollars in interest payments.

After the Federal Reserve started raising interest rates in 2022, Capital One adjusted rates only for the Performance accounts, federal regulators allege. The bank kept the 360 Savings rate fixed ...

The agency accused Capital One of obscuring a new, higher-paying savings product from some legacy savings account holders. The bank said it is “disappointed” with the bureau’s “eleventh hour lawsuits.

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 bank didn't give some existing customers the higher rates it was offering new customers, the agency alleged. The bank said it would fight the suit, which comes just days before the Trump administration takes over the regulator.

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By Sara Rathner, NerdWallet Last year was dominated by a dramatic presidential election and an economy that, while strong on paper, didn’t feel that way for many Americans. Here’s what we saw in 2024 when it came to credit cards and debt: * Interest rates began to fall,