The Consumer Financial Protection Bureau is suing Capital One for allegedly misleading customers about its high-yield savings account options and cheating them out of close to $2 billion in interest.

The government’s consumer watchdog sued Capital One on Tuesday for “cheating” customers out of billions in interest payments.

Capital One misled customers about their savings account interest rates, "cheating" them out of over $2 billion in interest, the Consumer Financial Protection Bureau alleged in a Tuesday lawsuit. Why it matters: The agency alleged that millions of customers are affected.