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- Oct 17, 2011
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Trump fires head of the Consumer Financial Protection Bureau
Major consumer banks including Capital One, Bank of America and JPMorgan Chase are among companies facing lawsuits from the CFPB.
The CFPB drops its lawsuit against Capital One, marking a major reversal
The Consumer Financial Protection Bureau on Thursday dropped five major legal cases it had underway — including a big lawsuit against Capital One — marking a major reversal for an agency that had pursued aggressive action against financial institutions accused of wrongdoing during the Biden administration.Just last month, the CFPB had accused Capital One of failing to pay more than $2 billion in interest to customers by misleading them into thinking they would be getting higher rates.
The government saves money on lawyers, the bank saves money on lawyers. Everybody wins!
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