The U.S. Consumer Financial Protection Bureau is suing Capital One, claiming the company cheated customers out of $2 billion by misleading them.

Federal regulators said in a lawsuit on Tuesday that the giant bank deliberately underpaid savings account interest, even as rates rose.

A U.S. watchdog is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts — and "cheating" customers out of more than $2 billion in lost interest payments as a result.