Capital One sued by feds for allegedly cheating customers out of billions in interest payments
1. Capital One sued by CFPB for withholding over $2 billion in interest payments. 2. CFPB claims 360 Savings offered a rate of only 0.30% despite rising rates. 3. Capital One stopped new 360 Savings accounts when launching higher interest options. 4. CFPB seeks fines and remedies under Consumer Financial Protection Act. 5. TD Cowen analyst predicts lawsuit won't impact Capital One's Discover acquisition.