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Capital One disclosed it may face enforcement action from the Consumer Financial Protection Bureau over alleged misrepresentations concerning its savings accounts. The inquiry follows a customer lawsuit alleging discrepancies in interest rates between two account types, potentially affecting the bank's operations.
Customers Claim Misleading Rates on Capital One’s ‘360 Performance Savings’ Sparked Lawsuit
In a filing on October 31, the consumer lender Capital One revealed that it may face enforcement action from a top federal agency for alleged misrepresentations about its savings accounts, per Reuters.
The Consumer Financial Protection Bureau (CFPB) sent the corporation a letter earlier this month to which the company is replying. Capital One cautioned that the agency might also take legal action, which could significantly impact the company's operations.
At the heart of the dispute is a lawsuit some customers filed last year. They alleged that the business launched a new account called "360 Performance Savings" with a greater interest rate than it provided to users of "360 Savings." The customers claimed this was a misrepresentation and were misled into opening a new account.
The clients said they lost out on possible profits because of unclear discrepancies.
Capital One stated that information regarding the new account was always accessible on its website and that it had a contractual right to alter interest rates at its discretion.
Capital One Seeks Case Dismissal Amid $35.3B Discover Deal and Regulatory Uncertainty
According to a spokesman who talked to Reuters, the business has submitted a motion to dismiss the customers' case. The CFPB, however, chose not to respond, leaving the situation in a state of uncertainty.
The investigation is being conducted while the business awaits regulatory clearance for its $35.3 billion purchase of Discover Financial Services.
It can potentially revolutionize the payments sector, ushering in a new era of financial services.
Letitia James, the attorney general of New York, stated last week that she was investigating whether the agreement violated the state's antitrust laws. In July, Capital One announced that if its purchase proceeds, it will invest $265 billion over five years in lending, philanthropy, and investments.
The Wall Street Journal initially reported the company's notification of the potential CFPB action on November 1.
