CFPB Sues Capital One Over Alleged $2 Billion Customer Deception

The CFPB has filed a lawsuit against Capital One, claiming misleading practices regarding savings account interest rates cost customers over $2 billion.

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This story was covered by 8 sources. This shows the distribution of these sources: left-leaning (blue), center (gray), and right-leaning (red).

Business

Mostly Reliable

The underlying sources generally maintain reliability but have, at times, included opinion pieces, propaganda, or minor inaccuracies. While typically factual, there may be occasional editorialization or subjective interpretation.

Balanced

Summary

A summary of the key points of this story, verified by multiple sources.

The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Capital One, alleging that the bank misled customers about its savings accounts, causing over $2 billion in lost interest. Capital One allegedly froze interest rates on its '360 Savings' accounts at 0.30%, while launching a higher-yield '360 Performance Savings' account with rates up to 4.35%. The CFPB claims Capital One failed to notify existing clients about the higher-rate product and restricted employees from providing information. The bank denies the allegations, asserting its products are competitive and accessible to all customers.

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From the Right

A recap of the main views or arguments shared by right-leaning sources.

The lawsuit is seen as an example of the ongoing regulatory pressure from the CFPB on major financial institutions.
Capital One's response emphasizes a commitment to transparency and effective marketing, attempting to refute the CFPB's claims.
The lawsuit could be interpreted as politically motivated, coinciding with a change in administration and heightened scrutiny on business practices.

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Highlights (8)

Excerpts from the underlying articles that best reflect each outlet's unique perspective on this story.

The CFPB's aggressive stance against Capital One underscores the importance of transparency in banking, as misleading customers about interest rates can lead to significant financial harm.
US watchdog sues Capital One, alleges bank cheated customers out of $2B
Straight Arrow News
Reliable
The underlying sources consistently report facts with minimal bias. They demonstrate high-quality journalism and accuracy across multiple articles.
·Center
The allegations against Capital One highlight a serious breach of trust, suggesting that banks should prioritize transparent communication and fair practices over deceptive marketing tactics.
U.S. watchdog sues Capital One, alleging bank cheated customers out of $2 billion
NPR
Reliable
The underlying sources consistently report facts with minimal bias. They demonstrate high-quality journalism and accuracy across multiple articles.
·Center
The Consumer Financial Protection Bureau's lawsuit underscores the urgency of holding banks accountable for misleading practices that not only deceive consumers but also cheat them out of billions in earned interest.
Lawsuit: Capital One Cheated Customers Out of $2B
Newsmax
Mixed Reliable
The underlying sources have a mixed track record. They provide accurate information in some cases but are known to inject bias, sensationalism, or incomplete reporting. Read these stories cautiously and cross-check claims when possible.
·Right
The practice of misleading consumers with false promises about high-interest savings accounts reflects a troubling trend in banking that undermines trust and can have significant financial repercussions for savers.
Capital One allegedly cheated customers out of $2 billion in interest, CFPB claims
CBS News
Reliable
The underlying sources consistently report facts with minimal bias. They demonstrate high-quality journalism and accuracy across multiple articles.
·Center
The suit against Capital One underscores the urgent need for accountability in a financial landscape where customers rely on accurate information to make informed decisions about their savings.
CFPB Sues Capital One Over Interest Payments. Why You Should Track Your Savings Account APY
CNET
Reliable
The underlying sources consistently report facts with minimal bias. They demonstrate high-quality journalism and accuracy across multiple articles.
·Center
The allegations against Capital One illustrate a troubling deception in the banking industry, where customers are misled about the very products intended to help them save.
CFPB sues Capital One for 'cheating' millions of customers out of $2 billion plus in interest
Axios
Reliable
The underlying sources consistently report facts with minimal bias. They demonstrate high-quality journalism and accuracy across multiple articles.
·Center
Capital One's alleged practices highlight a troubling trend in the banking industry, where consumers may be misled by institutions that prioritize profits over transparency and fair treatment.
Capital One sued by US watchdog alleging bank cheated customers out of $2 billion
Associated Press
Reliable
The underlying sources consistently report facts with minimal bias. They demonstrate high-quality journalism and accuracy across multiple articles.
·Center
The lawsuit against Capital One underscores a troubling trend where banks make lofty promises to customers but fail to deliver, eroding trust in the financial system.
Capital One sued by feds for allegedly cheating customers out of billions in interest payments
New York Post
Mostly Reliable
The underlying sources generally maintain reliability but have, at times, included opinion pieces, propaganda, or minor inaccuracies. While typically factual, there may be occasional editorialization or subjective interpretation.
·Leans Right