The Consumer Financial Protection Bureau (CFPB) is set to withdraw a lawsuit against Capital One that was filed during the Biden administration last month, alleging that the bank deceived customers out of approximately $2 billion.

A brief court document submitted on Thursday indicated that the agency is pursuing a voluntary dismissal of its lawsuit with prejudice, suggesting it cannot be brought back to court.

A spokesperson for the agency has yet to reply to inquiries for comment.

In response, Capital One stated, “We appreciate the CFPB’s choice to dismiss this case, which we vehemently contested.”

The suit was initiated by former CFPB Director Rohit Chopra in January, who accused Capital One of confusing two similarly named savings accounts and failing to inform customers that one of those accounts offered significantly higher interest rates.

Chopra remarked at that time, “The CFPB is taking action against Capital One for misleading families out of billions regarding their savings. Banks should not lure consumers with promises they cannot fulfill.”

Capital One has strongly refuted these claims.

“We are extremely disheartened to witness the CFPB’s ongoing trend of filing last-minute lawsuits as a change in administration approaches,” the company stated previously. “We fundamentally disagree with their allegations and are prepared to defend our position robustly in court,” they added.

This decision reflects an increasing trend from the agency under Trump to re-evaluate or reverse actions taken during the Biden administration, amid ongoing discussions about the future of the CFPB.

Earlier on the same day, the CFPB also dismissed a lawsuit against a student loan servicer that it accused of improper collection practices on student loans that had already been discharged in bankruptcy. Just last week, it rescinded a case against an online lender alleged to have misled borrowers about the costs associated with loans.

In a Senate committee hearing earlier Thursday, Jonathan McKernan, Trump’s nominee to lead the agency, expressed his belief that the CFPB had overreached its authority recently, and suggested that it should adopt a more streamlined and accountable structure if it continues to operate.

McKernan’s nomination comes as former Trump administration officials have called for the complete dismantling of the CFPB. Russell Vought, head of the Office of Management and Budget and tasked with overseeing the agency, issued a directive earlier this month to halt all operations within the bureau. Additionally, Elon Musk, who leads the Department of Government Efficiency under Trump, has openly expressed his intent to “eliminate” the CFPB.

Earlier in the month, a judge temporarily halted plans for mass terminations at the agency.