Capital One Says CFPB Dropped Enforcement Action

Group 1 - The Consumer Financial Protection Bureau (CFPB) dropped an enforcement action against Capital One, which the bank strongly disputed [1][2] - The CFPB had previously alleged that Capital One cheated consumers out of more than $2 billion in interest payments on savings accounts [2][4] - The enforcement action was part of a broader withdrawal from such actions under the Trump administration, which also included cases against other financial entities [2][3] Group 2 - The CFPB's lawsuit against Capital One was initiated on January 14, just days before the inauguration of President Trump [3] - During a Senate confirmation hearing, Trump's nominee to head the CFPB, Jonathan McKernan, stated that past enforcement actions were excessive but would uphold the agency's legal mandates if confirmed [3] - The CFPB's allegations included claims that Capital One promoted a savings account with one of the nation's highest interest rates while offering another account with rates up to 14 times higher [4]