The Consumer Financial Protection Bureau (CFPB) on Thursday dropped a legal action against Capital One. Last month, the agency accused Capital One of cheating consumers out of more than $2 billion in interest payments on their savings accounts.

The legal action, which was initiated under former CFPB Director Rohit Chopra, alleged that “from 2013 to 2019, Capital One represented to consumers that its 360 Savings account was a ‘high interest’ account with a variable rate” that would “earn much more interest than the average savings or money market account.”

The bureau went on to claim that “these representations details ⇒

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