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Capital One warns of potential enforcement action over savings accounts

  • The Consumer Financial Protection Bureau is considering enforcement action against Capital One regarding online savings accounts that have attracted litigation.
  • Capital One received a civil investigative demand from the CFPB in August related to a class action lawsuit filed in July 2023.
  • The lawsuit claims Capital One breached contract terms by offering higher-yield savings accounts without notifying existing customers, with six similar lawsuits filed in multiple states.
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Investing.comInvesting.com
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Capital One warns of potential CFPB enforcement action over its savings accounts

Capital One warns of potential CFPB enforcement action over its savings accounts

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ReutersReuters
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Blue Water Healthy LivingBlue Water Healthy Living
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Capital One warns of potential enforcement action over savings accounts

Customers sued over interest rates for similarly-named accounts.

·United Kingdom
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USA TodayUSA Today
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Business TimesBusiness Times
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Capital One warns of potential CFPB enforcement action over its savings accounts

The probe comes as the company is awaiting regulatory approvals for its $35.3 billion acquisition of Discover Financial Services.

·United States
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bankingdive.combankingdive.com
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Capital One warns of possible CFPB enforcement action

The bureau notified the lender last month it’s considering action after customers sued Capital One, claiming it never told savings account holders they could get a higher yield if they switched to another product.

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bankingdive.com broke the news on Friday, November 1, 2024.
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