NY Brings Down Hammer on CapitalOne Over “High Interest” Savings Accounts

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  • New York AG Letitia James sued Capital One N.A. and Capital One Financial Corporation (collectively, “Capital One”) over alleged violations of state and federal consumer protection laws stemming from the marketing of their savings accounts.
  • The lawsuit comes after the CFPB voluntarily dropped a lawsuit against Capital One containing similar allegations.
  • According to the complaint, Capital One allegedly marketed its “360 Savings” accounts as “high interest,” when in reality its interest rates were kept artificially low. CapitalOne also allegedly created nearly-identical “360 Performance Savings” accounts with higher interest rates but failed to disclose their availability to existing customers.
  • The lawsuit seeks injunctive relief, penalties, and costs and fees, among other things.
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