US Watchdog Sues Capital One for Allegedly Cheating Customers Out of $2 Billion in Interest

The Consumer Financial Protection Bureau criticized the banking giant’s handling of its flagship ‘360 Savings’ accounts.

The logo for Capital One Financial is displayed above a trading post on the floor of the New York Stock Exchange in New York City on July 30, 2019. Richard Drew/AP Photo

The U.S. Consumer Financial Protection Bureau (CFPB) sued Capital One on Tuesday, accusing the banking giant of “cheating” millions of consumers who held a “high interest” savings account out of more than $2 billion in interest payments.

In a complaint filed in federal court in Alexandria, Virginia, the CFPB took aim at Capital One’s promises and handling of its flagship “360 Savings” accounts.