NEW YORK (AP) — U.S. regulators are suing Capital One, accusing it of misleading consumers about its high-interest savings account products and "cheating" customers out of more than $2 billion in lost interest payments.

In a complaint filed Tuesday, the Consumer Financial Protection Bureau attacked Capital One's promises and handling of its "360 Savings" accounts. Despite promoting 360 Savings as an account offering one of the highest interest rates in the nation, the CFPB claimed that Capital One froze its rates at low levels for at least several years even as rates nationwide were rising.

At the same time, the bank created "360 Performance Savings," which has a much higher rate increase, the CFPB added. But the agency said Capital One did not notify 360 Savings account holders of the new product and instead "worked to keep them in the dark" -- alleging that the company marketed the products also to obscure their differences. , and prohibits employees from “proactively telling” those who have 360 ​​Savings accounts about 360 Performance Savings.

The actions meant Capital One "unlawfully avoided paying billions of dollars in interest to millions of consumers," the CFPB wrote in Tuesday's complaint. The agency said it is seeking civil penalties and providing financial relief to those affected.

"Banks should not lure people with promises they can't deliver," CFPB Director Rohit Chopra said in a prepared statement.

Capital One said it strongly disagrees with the CFPB's accusations and plans to "vigorously defend" it in court. The banking giant added, "We are deeply disappointed to see the CFPB continue its recent pattern of filing last-minute lawsuits before changes in administration."

Capital One also insists that all of its 360 banking products "offer preferential rates" and are "always available within minutes to all new and existing customers, without any usual industry restrictions."

According to the Capital One website, the current interest rate on the 360 ​​Savings Account is just under 0.50%. The interest rate on the 360 ​​Performance Savings Account is approximately 3.74%.

This means that 360 Performance Savings' rates are nearly 7.5 times higher than current 360 Savings. But the CFPB said they have been far apart in the past. In July 2024, 360 Performance Savings' rate was more than 14 times that of 360 Savings, the agency noted in Tuesday's complaint.

The CFPB said Capital One kept the interest rate on its 360 Savings account at 0.30% from December 2020 until at least August 2024. In comparison, 360 Performance Savings' rates climbed from 0.40% in April 2022 to 4.35% in April 2022. The agency noted on Tuesday that it would fall slightly to 4.25% in August by early 2024.

The CFPB's complaint against Capital One comes less than a week before President-elect Donald Trump's Jan. 20 inauguration. Despite the change in administration, some say the lawsuit is still likely to continue. Analyst commentary from TD Cowen on Tuesday noted that the CFPB is still pursuing enforcement actions during Trump's first term, although such lawsuits may also be easier to resolve under the incoming administration.