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Lawsuit accuses Capital One, others of cheating consumers out of more than $2 billion

Just Yesterday: CFPB Nom McKernan Promised Senators to Review All Active Lawsuits Before Dismissing Them 

WASHINGTON, DC — Today, during the U.S. Senate Committee on Banking, Housing, and Urban Affairs’ nomination hearing for Jonathan McKernan to be the director of the Consumer Financial Protection Bureau (CFPB), Trump’s acting CFPB leadership abruptly dismissed at least four lawsuits undertaken by the previous administration’s director involving among others Capital One, Rocket Homes Real Estate. 

According to Reuters, Capital One is accused of “cheating consumers out of more than $2 billion in interest payments on savings accounts”.

The news stands in stark and alarming contrast to McKernan’s remarks just yesterday to Senators, promising to review all existing CFPB lawsuits before making any decisions around dropping litigation. 

Trump’s team has insisted they want to build a more “streamlined and efficient” CFPB. So far, here’s what “streamlined and efficient” looks like to consumers: 

  • An indefinite pause in CFPB operations, including ongoing investigations into anti-consumer, predatory practices
  • Unjustifiably dropping lawsuits that stand to put billions back into the pockets of consumers
  • Congress is poised to undo both CFPB’s overdraft cap rule and medical debt rules, the former capping most credit card late fees at $8 down from $30, and the latter banning the inclusion of medical debt on credit reports.” 

Earlier this month, the Trump administration abruptly fired 70 CFPB employees and canceled the lease on the agency’s headquarters, blocking employees’ efforts to put money back into the hands of Americans and protect them from predatory bank practices. 

The CFPB was created to protect consumers after the Great Recession from predatory practices by big banks that have put $21 billion back into the pockets of Americans since 2011. Many of Trump’s top donors, including bank executives, have been held accountable for their predatory practices by the CFPB and vocal opponents against the very existence of the CFPB. 

More information on Trump’s CFPB nominee can be found HERE. 

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