Summary
The Consumer Financial Protection Bureau (CFPB) is suing Capital One for allegedly misleading customers about interest rates on its savings accounts, resulting in over $2 billion in lost interest.
The CFPB claims Capital One failed to inform “360 Savings” account holders about the higher-yield “360 Performance Savings” account, freezing the former’s rate at 0.3% while the latter rose to 4.35% by 2024.
Capital One denies the allegations, asserting transparency and vowing to defend itself.
The lawsuit highlights concerns over deceptive banking practices and customer trust.
All legacy banks do this… Smarr money knows to chase that yield.
Tbills is the GOAT, deny money changer profits 🐸
$500M fine sounds appropriate.
That’ll stop them from ever doing it again. Only profiting 1.5 billion on it after all.
In addition to back payments.
