The U.S. Consumer Financial Protection Bureau (CFPB) sued Capital One on Tuesday, accusing the banking giant of “cheating” millions of consumers who held a “high interest” savings account out of more than $2 billion in interest payments.
In a complaint filed in federal court in Alexandria, Virginia, the CFPB took aim at Capital One’s promises and handling of its flagship “360 Savings” accounts.
The watchdog agency said the Virginia-based bank told customers the flagship account would earn them significantly more interest than the average savings account and touted it as providing one of the nation’s highest and “best” interest rates….