Sign In
Free Newsletter
Federal watchdog reverses course, drops Capital One lawsuit
The Consumer Financial Protection Bureau reversed course Thursday and dropped a federal lawsuit against McLean-headquartered Capital One and its parent company, Capital One Financial, which alleged the companies cheated millions of consumers out of more than $2 billion in interest payments. The U.S. government’s watchdog charged with protecting consumers from financial institutions filed a [...]
Status of federal agency’s lawsuit against Capital One unclear
A lot has happened since Jan. 20, as the Trump White House employs “shock and awe” tactics at lightning speed. Among the consequences is the shutdown of the Consumer Financial Protection Bureau, a government watchdog over private industry. Specifically, the CFPB‘s pause in work leaves in question a major federal lawsuit against McLean-headquartered Capital One […]
CFPB sues Capital One, claiming bank avoided paying $2B in interest
The Consumer Financial Protection Bureau has sued Capital One and its McLean holding company, Capital One Financial, alleging the companies cheated millions of consumers out of more than $2 billion in interest payments, the federal agency announced Tuesday. Capital One, the CFPB alleges, promised customers that its flagship 360 Savings account provided one of the […]
Navy Federal ordered to refund customers $80M, pay $15M civil penalty
The Consumer Financial Protection Bureau is ordering Navy Federal Credit Union to refund more than $80 million to customers and pay a $15 million civil penalty for allegedly charging illegal overdraft fees. CFPB announced the actions against the nation’s largest credit union on Thursday. CFPB alleges that from 2017 to 2022, Vienna-based Navy Federal charged […]
Navient faces $120M fine, ban over student loan abuse claims from consumer watchdog
The Consumer Financial Protection Bureau filed a proposed order Thursday to permanently ban Herndon-based Navient, formerly the nation’s largest student loan servicer, from servicing federal student loans and fine the company $120 million. “These bans would largely remove Navient from a market where it, among other illegal actions, steered numerous student loan borrowers into costly [&[...]
