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

The Consumer Financial Protection Bureau announced it was suing Capital One for "cheating" customers out of more than $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 is being sued by the US government’s consumer watchdog agency for “cheating millions of consumers” and not paying more than $2 billion in interest to holders of its high-interest savings accounts.

Capital One Financial Corp. misled customers when it rolled out a new savings account with a higher interest rate it didn’t also give to existing savings accounts, the Consumer Financial Protection Bureau said Tuesday in a lawsuit against the bank.

The CFPB claims Capital One intentionally kept news of its higher-yield savings accounts from members with lower-yield savings accounts.

The bank misled its customers after promising a new savings account with a higher interest rate not already provided to existing accounts, regulators said.