The CFPB drops its lawsuit against Capital One, marking a major reversal
The Consumer Financial Protection Bureau on Thursday dropped five major legal cases it had underway — including a big lawsuit against Capital One — marking a major reversal for an agency that had pursued aggressive action against financial institutions accused of wrongdoing during the Biden administration.
Capital One customers hoping for restitution following allegations of interest payment discrepancies may be disappointed.
The once-fierce watchdog is dropping consumer cases against companies and processing far fewer complaints.
The move came as Jonathan McKernan, nominated to head the CFPB, testified before the Senate during his confirmation hearing.
Keefe Bruyette analyst Sanjay Sakhrani says the Consumer Financial Protection Bureau dropped its enforcement action against Capital One (COF) ...
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