The CFPB also moved to dismiss cases against Rocket Homes and Vanderbilt Mortgage and Finance, owned by Warren Buffett’s Berkshire Hathaway|Adam Fagen|CC BY-NC-SA 2.0
Trump administration officials are dismissing several cases by the Consumer Financial Protection Bureau (CFPB), including a lawsuit against Capital One, which accused the bank of misleading customers about interest rates on savings accounts.
The CFPB, under the Biden administration, had alleged that Capital One’s 2019 account changes caused millions of customers to miss out on nearly $2 billion in interest.
The regulatory watchdog also dismissed cases against Rocket Homes, a Pennsylvania student-loan service and Vanderbilt Mortgage and Finance, owned by Warren Buffett’s Berkshire Hathaway.
These moves come as the CFPB’s future is in limbo after its acting director, Russell Vought, ordered all work to stop, laid off 200 employees, and moved to cancel office leases.
President Donald Trump’s CFPB nominee, Jonathan McKernan, assured senators he would enforce financial laws, but Democrats questioned his commitment. Capital One and Rocket Homes welcomed the dismissals, calling the cases baseless.