CFPB Sues Capital One for Allegedly Deceiving Customers Over $2 Billion in Interest

The complaint accuses the bank of freezing rates on its 360 Savings account while withholding information about a higher-yielding option.

The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Capital One, alleging deceptive practices that cost customers over $2 billion in interest payments.
Capital One is accused of freezing the interest rate on its 360 Savings account at 0.30% from late 2019 to mid-2024, despite rising national rates.
The bank allegedly introduced a higher-yielding 360 Performance Savings account but failed to notify existing 360 Savings account holders about the new product.
The CFPB claims Capital One violated the Truth in Savings Act by marketing the 360 Savings account as offering one of the best rates while obscuring better options.
Capital One denies the allegations, stating it marketed the 360 Performance Savings account widely and plans to defend itself in court.