Capital One Says CFPB Probing Consumer Savings Account Rates

Capital One Financial Corp. said it could face an enforcement action or litigation from the US Consumer Financial Protection Bureau over its savings accounts products and their associated interest rates.

• Inquiry is linked to the bank’s introduction of a new savings account product with a higher interest rate than existing products, Capital One said Thursday in a quarterly filing
• The McLean, Virginia-based bank said it’s responding to the regulator and that it’s possible the CFPB could pursue an enforcement action or lawsuit
• The lender has been embroiled in separate class-action litigation over a similar issue since 2023

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