Financial Institutions, Savings Accounts

State Watch: Consumer Protection Enforcement Update - May the Force of Law Be with You

Hudson Cook, LLP on 6/5/2025

Attorney General James sued a national bank and its holding company for the bank's alleged practices relating to its offering of online savings accounts. Specifically, the AG claims that the bank offered a "high interest"...more

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

Cozen O'Connor on 5/23/2025

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...more

Capital One Faces Lawsuit Over Savings Account Practices

Robins Kaplan LLP on 1/24/2025

On January 14, 2025, the federal government sued Capital One, accusing it of deceptive practices related to its “360 Savings” accounts. Consumer Financial Protection Bureau v. Capital One Financial Corp., No. 25-cv-00061...more

FCA’s Cash Savings Market Review

BCLP on 8/4/2023

On 31 July 2023, following roundtable discussions held with banks earlier that month, the FCA published its Cash Savings Market Review (the “Review”). In this insight we explore the content of the Review, as well as...more

CFPB Takes Down High-Yield Savings Account Scam, Defendants Also Charged By the SEC

Cadwalader, Wickersham & Taft LLP on 12/12/2022

The Consumer Financial Protection Bureau (“CFPB”) announced a proposed consent order on December 1 intended to address a scam engaged in by a company called Loan Doctor, as well as by the company’s founder, Edgar Radjabli....more

FRB Eases Restriction On Savings Account Transactions As Part Of COVID-19 Relief Efforts

Morrison & Foerster LLP on 4/29/2020

On April 28, 2020, the Federal Reserve Board (FRB) published an interim final rule that amends Regulation D to aid consumers with cash flow, due to the COVID-19 pandemic. Specifically, the FRB has eliminated the six-per-month...more