Capital One has been sued by the Consumer Financial Protection Bureau for allegedly purposefully misguiding customers on its savings accounts offerings and cheating them out of more than $2 billion in interest payments.

The Consumer Financial Protection Bureau has just taken on one of America's biggest banks. On Tuesday, the agency announced it has filed a lawsuit against Capital One, accusing the financial institution of deceiving customers about two of its savings accounts and swindling millions of consumers out of more than $2 billion in interest,

A U.S. watchdog is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts — and “cheating” customers out of more than $2 billion in lost interest payments as a result.