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.

Capital One was sued on Tuesday by the U.S. Consumer Financial Protection Bureau, which accused the bank of illegally avoiding the payment of more than $2 billion in interest to consumers who held its flagship "high interest" savings account.