Op risk data: Rates bait and switch incurs Capital One punishment
Also: Crypto firms suffer cyber setbacks, Umpqua in Ponzi play and QSuper premium palaver. Data by ORX News
In May’s most significant loss, Capital One has agreed to pay $425 million to settle claims of deceptive advertising. A class action alleges the bank froze rates on its 360 Savings account at 0.3% – despite previously advertising it as a ‘high-interest account’ – while also creating the similarly named 360 Performance Savings account, which offered a far higher rate. The bank ceased to offer 360
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