Capital One comes under scrutiny from US authorities over controversial interest practices

Capital One is once again in the spotlight after the US Consumer Financial Protection Bureau (CFPB) filed a lawsuit against the bank. The central allegation is that the financial institution failed to pay over two billion dollars in interest payments to customers of its "High Interest" savings account. This allegation is based on a complaint filed Tuesday in federal court in Alexandria, Virginia. The CFPB argues that Capital One assured customers their 360 Savings accounts would rank among the highest-yielding in the country. However, instead of adjusting the promised interest rates to reflect national interest rate developments, the rate was frozen at a low level while rates rose nationwide. The case is attracting significant interest not only in the financial world but also among consumers who wonder if they, too, might have missed out on payments. The agency hopes the lawsuit will not only achieve restitution for the affected parties but also set a precedent for adherence to fair business practices.