The Consumer Financial Protection Bureau (CFPB) is suing Capital One, alleging the bank illegally misled customers by not notifying them of account options that paid higher interest rates.The federal government's consumer watchdog claims Capital One's practices meant millions of customers missed out on a collective $2 billion they could have made in interest payments.

Capital One is being sued by the US government’s consumer watchdog agency for “cheating millions of consumers” and not paying more than $2 billion in interest to holders of its high-interest savings accounts.

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