Nov 1 (Reuters) - A top federal agency may pursue

enforcement action against Capital One over alleged

misrepresentations related to its savings accounts, the consumer

lender disclosed in a filing late on Thursday.

The company is responding to a letter the Consumer Financial

Protection Bureau (CFPB) sent it earlier this month. The agency

may also pursue litigation, 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 was paying to customers of another account with an

identical name, "360 Savings."

The customers claimed that this mismatch was not clearly

communicated, resulting in them missing out on potential

earnings.

Capital One said it had a contractual right to change

interest rates at its discretion and information about the new

account was always available on its website.

The company and the CFPB did not immediately respond to

requests for comment.

The probe comes as the company is awaiting regulatory

approvals for its $35.3 billion acquisition of Discover

Financial Services ( DFS ), which could reshape the payments

industry.

Last week, New York Attorney General Letitia James said she

was investigating if the deal violates the state's antitrust

law.

The Wall Street Journal first reported the company's

disclosure of the possible CFPB action on Friday.