The Consumer Financial Protection Bureau has decided to drop a lawsuit against Capital One that was brought under the Biden administration. The lawsuit accused the bank of cheating customers out of $2 billion by not properly informing them about interest rates for savings accounts. Capital One denied the allegations and expressed disappointment in the CFPB’s actions. This move is part of a larger effort by the agency under the Trump administration to scale back Biden-era actions. Trump’s nominee to head the CFPB, Jonathan McKernan, believes the agency has overstepped its mandate and should be more streamlined and accountable. There have been calls to dismantle the CFPB outright, with some officials attempting to suspend all work there, but a judge blocked mass terminations at the agency earlier this month.
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