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

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

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

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.

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.

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.

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

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.

The Federal Reserve now needs to be on Trump watch if it wants to engineer the proper dose of monetary policy, according to Bank of America chief Brian Moynihan.

Welcome to the Capital One Q4 2024 earnings call. Please be advised that today's conference is being recorded. After the speakers' presentation, there will be a question-and-answer session. [Operator instructions] I would now like to hand the conference over to your speaker today,

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