FOR IMMEDIATE RELEASE: Feb. 27, 2025

CONTACT:
Carter Dougherty
carter@ourfinancialsecurity.org 

Trump CFPB Dumps Plan to Recover $2 Billion for Consumers

Washington, D.C– At the behest of the new Trump-appointed leadership, the Consumer Financial Protection Bureau has abandoned an enforcement case against megabank Capital One, a step that will cost consumers $2 billion in restitution.

“The old CFPB stood ready to protect consumers and wrestle back the ill-gotten gains of big banks like Capital One,” said Christine Chen Zinner, consumer policy counsel at Americans for Financial Reform. “With this decision, the Trump-appointed leadership is letting Capital One steal $2 billion from its depositors, another example of this administration standing up for Wall Street at the expense of everyday people who deserve the CFPB’s protection.”

Capital One, as CFPB documented in its case, cheated its own customers out of $2 billion in interest payments on their savings accounts. Capital One had marketed its 360 Savings account as having some of the best interest rates in the country – a 0.30 percent rate – but did not tell customers that they were eligible for a similar sounding product – the 360 Performance Savings account – that had rates of up to 4.35 percent.

Today, Trump’s appointees also abandoned two other cases. One involved Rocket Mortgage’s illegal kickbacks to its agents. The other case involved a student loan servicer that was illegally pushing student loans back into debt collection after they had already been discharged in bankruptcy court. Borrowers with discharged debts were then further punished when incorrect information was then sent to credit reporting agencies. 

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