Singapore Court Allows $2.7 Billion 1MDB Lawsuit Against Standard Chartered to Proceed 
Appeals Court Blocks Expansion of Fast-Track Deportations in the U.S. 
YouTube Agrees to Follow Australia’s New Under-16 Social Media Ban 
Magnum Audit Flags Governance Issues at Ben & Jerry’s Foundation Ahead of Spin-Off 
Judge Dismisses Charges Against Comey and Letitia James After Ruling on Prosecutor’s Appointment 
Bolsonaro Detained Over Alleged Escape Risk After Ankle Monitor Tampering 
Bristol Myers Faces $6.7 Billion Lawsuit After Judge Allows Key Shareholder Claims to Proceed 
Afghan Suspect in Deadly Shooting of National Guard Members Faces First-Degree Murder Charge 
U.S. Backs Bayer in Supreme Court Battle Over Roundup Cancer Lawsuits 
IKEA Expands U.S. Manufacturing Amid Rising Tariffs and Supply Chain Strategy Shift 
Peru’s Ex-President Martín Vizcarra Sentenced to 14 Years in Prison for Corruption 
Federal Judge Blocks Trump Administration’s Medicaid Funding Restrictions Targeting Planned Parenthood 
Anthropic Reportedly Taps Wilson Sonsini as It Prepares for a Potential 2026 IPO 
Trump Vows Pardon for Former Honduran President as Honduras Faces Tight Election 
Mexico Probes Miss Universe President Raul Rocha Over Alleged Criminal Links 
Intel Rejects TSMC’s Allegations of Trade-Secret Leaks as Legal Battle Escalates 
Airbus Faces Pressure After November Deliveries Dip Amid Industrial Setback 
Capital One disclosed it may face enforcement action from the Consumer Financial Protection Bureau over alleged misrepresentations concerning its savings accounts. The inquiry follows a customer lawsuit alleging discrepancies in interest rates between two account types, potentially affecting the bank's operations.
Customers Claim Misleading Rates on Capital One’s ‘360 Performance Savings’ Sparked Lawsuit
In a filing on October 31, the consumer lender Capital One revealed that it may face enforcement action from a top federal agency for alleged misrepresentations about its savings accounts, per Reuters.
The Consumer Financial Protection Bureau (CFPB) sent the corporation a letter earlier this month to which the company is replying. Capital One cautioned that the agency might also take legal action, which could significantly impact the company's operations.
At the heart of the dispute is a lawsuit some customers filed last year. They alleged that the business launched a new account called "360 Performance Savings" with a greater interest rate than it provided to users of "360 Savings." The customers claimed this was a misrepresentation and were misled into opening a new account.
The clients said they lost out on possible profits because of unclear discrepancies.
Capital One stated that information regarding the new account was always accessible on its website and that it had a contractual right to alter interest rates at its discretion.
Capital One Seeks Case Dismissal Amid $35.3B Discover Deal and Regulatory Uncertainty
According to a spokesman who talked to Reuters, the business has submitted a motion to dismiss the customers' case. The CFPB, however, chose not to respond, leaving the situation in a state of uncertainty.
The investigation is being conducted while the business awaits regulatory clearance for its $35.3 billion purchase of Discover Financial Services.
It can potentially revolutionize the payments sector, ushering in a new era of financial services.
Letitia James, the attorney general of New York, stated last week that she was investigating whether the agreement violated the state's antitrust laws. In July, Capital One announced that if its purchase proceeds, it will invest $265 billion over five years in lending, philanthropy, and investments.
The Wall Street Journal initially reported the company's notification of the potential CFPB action on November 1.
