The Consumer Financial Protection Bureau (CFPB) has filed a $2 billion lawsuit against Capital One, alleging that the bank deceived millions of consumers with their savings account offerings. The federal watchdog's allegations paint a picture of a calculated scheme that goes far beyond typical bank marketing tactics.
The CFPB claims that Capital One used two similarly named products, 360 Savings and 360 Performance Savings, to create a two-tier system where existing savings account customers were purposely given a dramatically lower interest rate than one marketed to new customers.
