The government’s consumer watchdog on Tuesday sued Capital One for alleging “cheating” customers out of billions in interest payments. The Consumer Financial Protection Bureau (CFPB) accused the banking giant of freezing interest rates for its 360 Savings account at low levels as rates rose,

The Consumer Financial Protection Bureau announced Tuesday that it was suing Capital One for misleading consumers about their savings account interest rates and “cheating” them out of more than $2 billion in interest.

Capital One was sued on Tuesday by the U.S. Consumer Financial Protection Bureau, which accused the bank of illegally cheating customers who held its flagship "high interest" savings account out of more than $2 billion in interest payments.

Capital One is being sued by the US government’s consumer watchdog agency for “cheating millions of consumers” and not paying more than $2 billion in interest to holders of its high-interest savings accounts.

The Consumer Financial Protection Bureau announced it was suing Capital One for “cheating” customers out of more than $2 billion in interest.