The Consumer Financial Protection Bureau (CFPB) filed a notice of voluntary dismissal of its suit against Capital One, N.A., and its parent company, Capital One Financial Corp., for allegedly cheating millions of consumers out of more than $2 billion in interest.
The notice was filed Feb. 27 in the U.S. District Court for the Eastern District of Virginia.
According to the complaint filed in January by the CFPB under former director Rohit Chopra, Capital One promised consumers that its flagship “360 Savings” account provided one of the nation’s “best” and “highest” interest rates, only to freeze the interest rate at a low level while rates rose nationwide.
“The CFPB is suing Capital One for cheating families out of billions of dollars on their savings accounts,” Chopra said at the time. “Banks should not be baiting people with promises they can’t live up to.”
According to the Consumer Federation of America, the CFPB under acting director Russell Vought has halted 38 pending enforcement actions so far.
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