The CFPB is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts.

Federal regulators said in a lawsuit on Tuesday that the giant bank deliberately underpaid savings account interest, even as rates rose.

The CFPB is widely seen as a key ally of American consumers, but critics say it costs too much and stifles innovation.

The Consumer Financial Protection Bureau has filed suit against Capital One for allegedly misleading customers about its high-interest savings accounts.

The Consumer Financial Protection Bureau accused the bank of “cheating” customers out of more than $2 billion by misleading them about interest rates.

Capital One had a major service outage last week that left many without access to their accounts. Now, it also faces a lawsuit from CFPB.

Despite its relatively low interest rate, the CFPB alleged, the 360 Savings account was advertised as a high-interest savings account.

The bank experienced a “technical issue” with a third-party vendor this week, impacting some account services like deposits and payment processing.

The government’s consumer watchdog sued Capital One on Tuesday for “cheating” customers out of billions in interest payments. The Consumer Financial Protection Bureau (CFPB) accused the banking

A power outage and hardware failure at fintech FIS last week delayed deposits and payments at 27 banks, including Capital One.

The Consumer Financial Protection Bureau is suing Capital One, which it says kept customers in the dark about higher-yielding savings accounts.

Capital One Financial reported a 60% rise in fourth-quarter profit on Tuesday, as a higher income from interests helped the consumer lender. Consumer spending has remained strong on hopes of a soft landing for the economy and falling interest rates,