CFPB Drops Lawsuit Against Capital One Bank That Accused It of Tricking Customers
Published On Feb 27, 2025, 2:35 PM
The Consumer Financial Protection Bureau (CFPB) has dropped a lawsuit against Capital One that accused the bank of using deceptive tactics to cheat customers out of $2 billion in interest payments. This dismissal comes amid broader efforts by the Trump administration to dismantle the CFPB, which has included ending other significant lawsuits against various financial entities. The acting director, Russell Vought, has initiated these actions as part of a campaign to reduce the agency's influence and activities.
Stock Forecasts
COF
Positive
The dismissal of lawsuits against Capital One, particularly one that could have had major financial implications, is likely to improve investor sentiment toward the bank. With reduced regulatory scrutiny, Capital One might operate more freely, potentially driving revenue growth and stock performance.
Related News
Consumer Financial Protection Bureau drops lawsuits against Capital One and Berkshire, Rocket Cos. units
Feb 27, 2025, 11:21 AM
The moves are the latest sign of the abrupt shift at the agency since acting CFPB director Russell Vought took over this month
Why Banks May Be Hoping You’re Not Paying Attention
Feb 2, 2025, 5:00 AM
They have no fiduciary duty in many cases and can profit from customers’ confusion. But where’s the line between unsavory and illegal?
Capital One customers not getting payments amid outage
Jan 16, 2025, 3:59 PM
Capital One on Thursday warned customers it is experiencing a technical outage affecting account services, deposits and payment processing.