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.
The Consumer Financial Protection Bureau's decision to drop its enforcement action against the credit reporting bureau marks the eighth lawsuit dropped by the agency in recent days.
“We are deeply disappointed to see the CFPB continue its recent pattern of filing eleventh hour lawsuits ahead of a change in administration,” a Capital One spokesperson said Tuesday.
“The CFPB is suing Capital One for cheating families out of billions of dollars on their savings accounts,” said CFPB Director Rohit Chopra in a release. “Banks should not be baiting people ...
The once-fierce watchdog is dropping consumer cases against companies and processing far fewer complaints.
Capital One customers hoping for restitution following allegations of interest payment discrepancies may be disappointed.
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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