The Consumer Financial Protection Bureau has decided to drop a lawsuit against Capital One, accusing the bank of cheating customers out of $2 billion. The lawsuit was brought by then-CFPB Director Rohit Chopra in January but is now being dismissed by the agency with prejudice. Capital One welcomed the decision and strongly disputed the allegations. This move is seen as a sign that the agency under the Trump administration is scaling back actions taken during the Biden administration. The future of the CFPB is still being debated, with Trump administration officials calling for its dismantlement. Trump’s nominee to head the agency, Jonathan McKernan, believes the CFPB has overstepped its mandate and should become more streamlined and accountable. Despite efforts by Trump administration officials to suspend work at the agency, a judge has blocked mass terminations.
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CFPB Seeks to Dismiss Lawsuit Alleging Capital One Defrauded Customers of $2 Billion
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