The CFPB is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts.

Federal regulators said in a lawsuit on Tuesday that the giant bank deliberately underpaid savings account interest, even as rates rose.

A power outage and hardware failure at fintech FIS last week delayed deposits and payments at 27 banks, including Capital One.

The Consumer Financial Protection Bureau accused the bank of “cheating” customers out of more than $2 billion by misleading them about interest rates.

Third-party vendor FIS blamed a local power loss and hardware failure for the issue, which Bank of Oklahoma said affected more than two dozen financial institutions.

The government’s consumer watchdog sued Capital One on Tuesday for “cheating” customers out of billions in interest payments. The Consumer Financial Protection Bureau (CFPB) accused the banking

Capital One Financial stock was falling even after the company beat earnings estimates and said its acquisition plans for Discover Financial Services remain on track. Capital One stock fell 1.4% to $190.

The bank experienced a “technical issue” with a third-party vendor this week, impacting some account services like deposits and payment processing.

The Consumer Financial Protection Bureau is suing Capital One, which it says kept customers in the dark about higher-yielding savings accounts.

Capital One Financial reported a 60% rise in fourth-quarter profit on Tuesday, as a higher income from interests helped the consumer lender. Consumer spending has remained strong on hopes of a soft landing for the economy and falling interest rates,

Capital One Financial Corp. misled customers when it rolled out a new savings account with a higher interest rate it didn’t also give to existing savings accounts, the Consumer Financial Protection Bureau said Tuesday in a lawsuit against the bank.

If you had a savings account at Capital One between 2019 and mid-2024, you may have been misled into accepting a lower return on your deposits than the marketing suggested, according to a lawsuit filed Tuesday by the government's consumer watchdog agency.