{"id":121125,"date":"2024-11-02T07:25:52","date_gmt":"2024-11-02T00:25:52","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=121125"},"modified":"2024-11-02T07:25:52","modified_gmt":"2024-11-02T00:25:52","slug":"capital-one-warns-of-potential-cfpb-enforcement-action-over-its-savings-accounts","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=121125","title":{"rendered":"Capital One warns of potential CFPB enforcement action over its savings accounts"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->(Reuters) -A top federal agency may pursue enforcement action against Capital One over alleged misrepresentations related to its savings accounts, the consumer lender disclosed in a filing late on Thursday.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->The company is responding to a letter the Consumer Financial Protection Bureau (CFPB) sent it earlier this month. The agency may also pursue litigation, Capital One warned.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->At the center of the controversy is a lawsuit filed by some customers last year, who alleged that the company introduced a new &#8220;360 Performance Savings&#8221; account with a higher interest rate than it was paying to customers of another account, &#8220;360 Savings.&#8221;<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->The customers claimed that this mismatch was not clearly communicated, resulting in them missing out on potential earnings.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Capital One said it had a contractual right to change interest rates at its discretion and information about the new account was always available on its website.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->The company had filed a motion to dismiss the customers&#8217; lawsuit, a spokesperson told Reuters. CFPB declined to comment.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->The probe comes as the company is awaiting regulatory approvals for its $35.3 billion acquisition of Discover Financial Services, which could reshape the payments industry.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->Last week, New York Attorney General Letitia James said she was investigating if the deal violates the state&#8217;s antitrust law. In July, Capital One said it will commit $265 billion over five years to lending, philanthropy and investment if its takeover goes through.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->The Wall Street Journal first reported the company&#8217;s disclosure of the possible CFPB action on Friday.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1pe5jgt\"><!-- HTML_TAG_START -->(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)<!-- HTML_TAG_END --><\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/finance.yahoo.com\/news\/capital-one-warns-potential-cfpb-180306387.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -A top federal agency may pursue enforcement action against Capital One over alleged misrepresentations related to its savings accounts, the consumer lender disclosed in a filing late on Thursday. &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=121125\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-121125","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/121125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=121125"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/121125\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=121125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=121125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=121125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}