The Consumer Financial Protection Bureau, the agency responsible for protecting consumers, is now under scrutiny as part of Elon Musk's push to cut costs across the federal government. Recently, the agency sued Capital One Bank for allegedly defrauding consumers of over $2 billion.

The Consumer Financial Protection Bureau abruptly dropped cases on Thursday against multiple companies that had previously been accused of hurting consumers. Court filings indicate that the consumer watchdog has decided to dismiss lawsuits previously filed against Capital One,

The Consumer Financial Protection Bureau dropped three enforcement lawsuits on Thursday that were filed under the previous administration's director, according to a media report.

The banking giant had been accused of misleading customers as part of a flurry of actions by the Consumer Financial Protection Bureau ahead of President Trump's inauguration.

The Consumer Financial Protection Bureau dropped a slew of Biden-era lawsuits against lenders as the nominee to lead the agency pledged to “right size” the watchdog under President Trump. The CFPB dismissed cases against Capital One Financial Corp.

The consumer watchdog has dropped one of its last cases launched before the current Trump administration, which has been accused of trying to defang the agency.

The consumer protection watchdog had previously launched a legal action accusing the bank of misleading customers on the interest rates it offers on savings account.