A federal TOP agency may take enforcement action against Capital One for alleged misrepresentations related to its savings accounts, the consumer lender revealed in a filing Thursday evening (Oct. 31).

The company is responding to a letter the Consumer Financial Protection Bureau (CFPB) sent it earlier this month. The agency could also take legal action, Capital One warned.

At the center of the controversy is a lawsuit filed by some customers last year, who alleged that the company introduced a new “360 Performance Savings” account with a higher interest rate than it paid customers of Another account, “360 Savings”.

Customers claimed this disparity was not clearly communicated, causing them to miss out on potential revenue.

Capital One said it had the contractual right to change interest rates at its discretion and that information about the new account was still available on its website.

The company filed a motion to dismiss the customers’ lawsuit, a spokesperson said. The CFPB declined to comment.

The investigation comes as the company awaits regulatory approvals for its $35.3 billion acquisition of Discover Financial Services, which could reshape the payments industry.

Last week, New York Attorney General Letitia James said she was investigating whether the deal violated state antitrust law. In July, Capital One announced it would dedicate $265 billion over five years to loans, philanthropy and investments if its takeover goes through.

The Wall Street Journal first reported Friday the company’s disclosure of the possible CFPB action. REUTERS