Reported about 19 hours ago
The U.S. Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Capital One, accusing the bank of unlawfully withholding over $2 billion in interest payments from customers with its 'high interest' 360 Savings account. The CFPB claims Capital One froze the interest rate at 0.30%, despite rising rates, and failed to inform depositors about a more profitable alternative account, the 360 Performance Savings, launched in 2019. The bank contests the CFPB's claims and intends to defend itself in court amid ongoing litigation.
Source: YAHOO