Capital One is under fire for offering paltry savings account rates to current customers. Here’s what you need to know.

The government’s consumer watchdog sued Capital One on Tuesday for “cheating” customers out of billions in interest payments. The Consumer Financial Protection Bureau (CFPB) accused the banking

In response, Capital One said that it strongly disagreed with the CFPB’s allegations and plans to “vigorously defend” itself in court. The banking giant added that it was “deeply disappointed to see the CFPB continue its recent pattern of filing eleventh-hour lawsuits ahead of a change in administration.”