The Consumer Financial Protection Bureau has moved to drop a lawsuit against Capital One, accusing the bank of cheating customers out of $2 billion. The suit was brought by then-Director Rohit Chopra in January but is now being dismissed with prejudice, meaning it will not be revived. Capital One welcomed the decision and strongly disputed the allegations. This move under the Trump administration signals a scaling back of Biden-era actions at the CFPB. The future of the agency remains uncertain as Trump officials, including nominee Jonathan McKernan, call for its dissolution. McKernan believes the CFPB has overstepped its mandate and should become more streamlined and accountable if it continues to operate. This follows a prior directive to suspend all work at the agency and calls to “delete” it altogether. Despite these challenges, a judge recently blocked mass terminations at the CFPB, indicating that the agency’s fate is still up in the air.
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