CFPB moves to drop suit accusing Capital One of cheating customers out of $2 billion
The Consumer Financial Protection Bureau is moving to drop a suit against Capital One brought during the Biden administration just last month that accused the bank of cheating customers out of a collective $2 billion.
The Consumer Financial Protection Bureau is moving to drop a suit against Capital One brought during the Biden administration just last month that accused the bank of cheating customers out of a collective $2 billion.
A one-line court filing Thursday said the agency was seeking to voluntarily dismiss its suit with prejudice, meaning that it would not be revived.
An agency spokesperson did not immediately respond to a request for comment.
In a statement, Capital One said: “We welcome the CFPB’s decision to dismiss this action, which we strongly disputed.”
Then-CFPB Director Rohit Chopra brought the suit in January, accusing the banking giant of "conflating" two similarly named savings accounts and failing to notify them that one of the accounts paid out substantially more in interest payments.
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