★ Government Action
Trump's CFPB drops Capital One consumer-protection lawsuit
Donors, Cases DroppedThe Bank Watchdog Stands Down
Filed February 2025$2,000,000,000
★ The Brief
What happened
In February 2025, the CFPB dismissed its lawsuit against Capital One, a Biden-era case alleging the bank misled customers about savings rates and cost them more than $2 billion in unpaid interest. Acting director Russell Vought directed the dismissal.
Who enabled it
Who benefits
Deal or steal?
Capital One had given $1 million to Trump's inaugural committee; weeks into his term, his CFPB erased a case alleging the bank shortchanged customers more than $2 billion, one of five enforcement actions it dropped that day as Vought moved to wind the agency down.
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On February 27, 2025, the Consumer Financial Protection Bureau filed court documents dismissing its lawsuit against Capital One. The case, brought during the Biden administration, had alleged that Capital One misled customers into believing they were receiving higher savings interest rates, costing them more than $2 billion in unpaid interest. Capital One had denied the charges. The dismissal was announced on the same day the Senate Banking Committee held a confirmation hearing for Jonathan McKernan, Trump's nominee to lead the CFPB. The agency is currently led by acting director Russell Vought.
Further reading
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- ★ Government ActionMay 2026Trump's DOJ drops the FIFA bribery case, calls bribery no priority
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