The bureau went on to claim that “these representations were false or otherwise misleading.” It also alleged that from December 2020 to at least August 2024, Capital One kept the corresponding interest rate for the accounts at 0.30%, “a rate that falls far short of the level represented in its marketing.”
The new development with Capital One was announced at roughly the same time that the bureau also dropped its RESPA “kickback” lawsuit against Rocket Companies and the Jason Mitchell Group on Wednesday.
Both dismissals come amid President Donald Trump’s moves to dismantle the bureau. As a result, staff have been instructed not to supervise, regulate or engage in active litigation as the administration decides what will become of the CFPB.
The dismissals also come the same day as Trump’s nominee to head the CFPB, Jonathan McKernan, testified before the Senate in a confirmation hearing. In his hearing, McKernan critiqued the bureau and said that it “suffers from a crisis of legitimacy.”
Other dismissals by the CFPB this week include a lawsuit brought last year against the Pennsylvania Higher Education Assistance Agency (PHEAA), accusing of it of illegally collecting on student loans discharged in bankruptcy, and a case against the online lender SoLo Funds.
Neither the CFPB nor Capital One responded immediately to HousingWire‘s requests for comment.
First Time Home Buyer FAQs - Via HousingWire.com
