Federal regulators said in a lawsuit on Tuesday that the giant bank deliberately underpaid savings account interest, even as rates rose.

Capital One was sued by the Consumer Financial Protection Bureau ... The lawsuit comes at a time when savers have benefitted from the Federal Reserve's decision to ratchet interest rates, part of its effort to fight soaring inflation.

If you had a savings account at Capital One between 2019 and mid-2024, you may have been misled into accepting a lower return on your deposits than the marketing suggested, according to a lawsuit filed Tuesday by the government's consumer watchdog agency.

The agency accused Capital One of obscuring a new, higher-paying savings product from some legacy savings account holders. The bank said it is “disappointed” with the bureau’s “eleventh hour lawsuits.

The government’s consumer watchdog sued Capital One on Tuesday for “cheating” customers out of billions in interest payments. The Consumer Financial Protection Bureau (CFPB) accused the banking

The bank didn't give some existing customers the higher rates it was offering new customers, the agency alleged. The bank said it would fight the suit, which comes just days before the Trump administration takes over the regulator.

The Consumer Financial Protection Bureau accused the bank of “cheating” customers out of more than $2 billion by misleading them about interest rates.

The Federal Reserve now needs to be on Trump watch if it wants to engineer the proper dose of monetary policy, according to Bank of America chief Brian Moynihan. "They've got a new administration with a new set of fiscal policies,