On February 27, the Consumer Financial Protection Bureau (CFPB) under acting director Russell Vought dropped its lawsuit against Capital One after it was accused of cheating customers out of $2 billion. The suit was voluntarily dismissed with prejudice (that is, it will not be revived).
The former CFPB director, Rohit Chopra, asserted that Capital One conflated two similarly named savings accounts, and that consumers were not notified when one of the accounts paid out significantly more in interest payments.
“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.”
NBC
The CFPB did not provide any explanation for its decision, in yet another sign that Trump’s populist rhetoric in 2024 was nothing but a means to win re-election.
