Capital One Probed by CFPB Over Misleading Interest Rates - Articles

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Posted by: Jarod Word on Nov 4, 2024

Capital One is facing scrutiny from the Consumer Financial Protection Bureau (CFPB) over alleged misrepresentations regarding savings account interest rates, Reuters reports. This stems from a lawsuit filed last year over its "360 Performance Savings" account, with plaintiffs arguing the company misled customers with higher rates than they received. Capital One filed a motion to dismiss the lawsuit, maintaining it has a contractual right to modify interest rates at its discretion, and that information about the accounts in question is readily available on its website. CFPB declined to comment on any potential actions.