Capital One

File:Capital One footprint 2010-01.png

Richard Fairbank and Nigel Morris developed the idea of using information technology and statistical analysis to create customized credit card offers for different segments of customers in 1987. At the time, most credit cards would offer the same terms—interest rate and annual fee—to almost everyone, regardless of the financial risks of each customer.{{Cite web |title=Capital One's Secret to Success |url=https://www.bankdirector.com/article/capital-ones-secret-to-success/ |access-date=2024-05-22 |website=Bank Director |language=en-US}} However, Fairbank and Morris' idea was to drop the fee and target various credit card terms to specific customers. They consulted with Oracle Corporation on how to compile the demographics and other statistics that would help them sort out and identify those customer market segments. Funding Universe wrote: “Fairbank and Morris’s plan would allow companies to fine-tune card product and pricing strategies for individual customers through a decision-making structure blending together marketing, credit, risk, operations and technology functions."{{Cite web |last=Kuehner-Hebert |first=Katie |date=2020-02-11 |title=CEO of the Week: Richard D. Fairbank Capital One Financial Corp. |url=https://chiefexecutive.net/ceo-of-the-week-richard-d-fairbank-capital-one-financial-corp/ |access-date=2024-05-22 |website=ChiefExecutive.net |language=en-US |archive-date=May 25, 2024 |archive-url=https://web.archive.org/web/20240525195913/https://chiefexecutive.net/ceo-of-the-week-richard-d-fairbank-capital-one-financial-corp/ |url-status=dead }}

They then started soliciting banks regarding using their approach, indicating that they anticipated large profits based on the large numbers of customers they projected to enroll.{{Cite web |title=Fairbank, Richard D. ca. 1950– {{!}} Encyclopedia.com |url=https://www.encyclopedia.com/economics/news-wires-white-papers-and-books/fairbank-richard-d-ca-1950 |access-date=2024-05-22 |website=www.encyclopedia.com}}{{Cite web |date=2005-01-14 |title=Richard Fairbank of Capital One Financial Corp.: Card sharp |url=https://www.institutionalinvestor.com/article/2btghbolxjdxnr1f63xts/home/richard-fairbank-of-capital-one-financial-corp-card-sharp |access-date=2024-05-22 |website=Institutional Investor |language=en}} They convinced Richmond, Virginia-based Signet Bank (now part of Wells Fargo) to start a credit card division called Signet Financial in 1988 that would utilize their approach. As part of the deal, they became employees of Signet. In 1991, Fairbank and Morris had a great success with a mass mailing that offered to transfer existing credit card balances from other banks' credit cards for the opportunity of a lower interest rate with Signet.

On July 21, 1994, Signet Financial Corp announced the corporate spin-off of Signet Financial, at first naming it OakStone Financial with Fairbank as CEO and Morris as COO.{{cite news | url=https://www.nytimes.com/1994/07/28/business/company-news-signet-banking-to-spin-off-credit-card-business.html | title=COMPANY NEWS; SIGNET BANKING TO SPIN OFF CREDIT CARD BUSINESS | work=The New York Times | date=July 28, 1994}}{{Cite web |title=Capital One |url=https://golden.com/wiki/Capital_One-ZXA4GE |access-date=2024-05-22 |website=Golden |language=en}}{{Cite news |date=2024-03-04 |title=SIGNET PLANS CREDIT CARD UNIT SPINOFF |url=https://www.washingtonpost.com/archive/business/1994/07/28/signet-plans-credit-card-unit-spinoff/3527c117-fca8-4f32-8e41-53d0b0799256/ |access-date=2024-05-22 |newspaper=Washington Post |language=en-US |issn=0190-8286}} After the initial public offering, the new company was renamed Capital One in October 1994{{cite news | url=https://www.baltimoresun.com/news/bs-xpm-1994-10-12-1994285071-story.html | title=Signet renames credit card subsidiary Capital One | first=David | last=Conn | work=The Baltimore Sun | date=October 12, 1994 | access-date=March 14, 2019 | archive-date=October 22, 2020 | archive-url=https://web.archive.org/web/20201022090833/https://www.baltimoresun.com/news/bs-xpm-1994-10-12-1994285071-story.html | url-status=dead }}{{cite news | url=https://www.bankdirector.com/magazine/archives/2nd-quarter-2006/capital-one-charts-a-new-course/ | title=Capital One Charts a New Course | first=Jack | last=Milligan | work=Bank Director | date=June 3, 2011}} and the spin-off was completed in February 1995.

At that time, Capital One was a monoline bank, meaning that all of its revenue came from a single product, in this case, credit cards.{{cite web | url=https://articles.marketrealist.com/2015/03/capital-ones-history-credit-cards-diversified-bank/ | title=Capital One's history: From credit cards to a diversified bank | first=Saul | last=Perez | publisher=Market Realist | date=March 5, 2015}} This strategy is risky in that it can lead to losses during bad times. Capital One attributed its relative success as a monoline to its use of data collection to build demographic profiles, allowing it to target personalized offers of credit directly to consumers.{{cite news | url=https://www.cio.com/article/2441173/capital-one-builds-entire-business-on-savvy-use-of-it.html | title=Capital One Builds Entire Business on Savvy Use of IT | first=Malcolm | last=Wheatley | work=CIO magazine | date=November 1, 2001}}

In 1996, Capital One moved from relying on teaser rates to generate new clients to adopting more innovative techniques that would attract more customers to their business model. At the time, it was losing customers to competitors who offered higher ceilings on loan balances and no-annual-fee accounts. The company came up with co-branded, secured, and joint account credit cards. In mid-1996, Capital One received approval from the federal government to set up Capital One FSB. This meant that the company could now retain and lend out deposits on secured cards and even issue automobile installment loans.{{cite book |title=International Directory of Company Histories, Vol. 52 |date=2003 |publisher=St. James Press |chapter=Capital One Financial Corporation}}

In 1996, Capital One expanded its business operations to the United Kingdom and Canada. This gave the company access to a large international market for its credit cards. An article appearing in Chief Executive in 1997 noted that the company held $12.6 billion in credit card receivables and served more than nine million customers. The company was listed in the Standard & Poor's 500, and its stock price hit the $100 mark for the first time in 1998.

In July 1998, Capital One acquired auto financing company Summit Acceptance Corporation.{{cite news | url=https://www.nytimes.com/1998/07/17/business/company-news-capital-one-plans-purchase-of-auto-financing-company.html | title=CAPITAL ONE PLANS PURCHASE OF AUTO FINANCING COMPANY | work=The New York Times | agency=Bloomberg L.P. | date=July 17, 1998 |url-access=subscription}}

In 1999, Capital One was looking to expand beyond credit cards. CEO Richard Fairbank announced moves to use Capital One's experience with collecting consumer data to offer loans, insurance, and phone service.{{cite news | url=https://www.bloomberg.com/news/articles/1999-11-21/capital-one-isnt-there-more-to-life-than-plastic |title=Capital One: Isn't There More To Life Than Plastic? | first=Mike | last=Mcnamee | work=Bloomberg L.P. | date=November 21, 1999}}{{cite news | url=https://medium.com/@pedchenko/top-5-companies-using-nodejs-in-production-9c9e0df4e8ab | title=TOP 6 companies using NodeJS in production | first=Alex | last=Pedchenko | work=Medium | date=March 10, 2017 | access-date=October 12, 2017 | archive-date=October 12, 2017 | archive-url=https://web.archive.org/web/20171012202348/https://medium.com/@pedchenko/top-5-companies-using-nodejs-in-production-9c9e0df4e8ab | url-status=dead }}

In October 2001, PeopleFirst Finance LLC was acquired by Capital One.{{cite press release | url=https://www.sec.gov/Archives/edgar/data/927628/000092838501501815/dex991.txt | title=Capital One Financial Agrees to Acquire PeopleFirst Inc.; Expands Auto Financing Business | publisher=U.S. Securities and Exchange Commission | date=September 21, 2001}} The companies were combined and re-branded as Capital One Auto Finance Corporation in 2003.{{cite press release | url=http://press.capitalone.com/phoenix.zhtml?c=251626&p=irol-newsArticle&ID=1858228 | title=PeopleFirst Changes Brand to Capital One Auto Finance | publisher=PR Newswire | date=June 27, 2003 | access-date=May 25, 2017 | archive-date=May 6, 2017 | archive-url=https://web.archive.org/web/20170506173701/http://press.capitalone.com/phoenix.zhtml?c=251626&p=irol-newsArticle&ID=1858228 | url-status=dead }}

In late 2002, Capital One and the United States Postal Service proposed a negotiated services agreement (NSA) for bulk discounts in mailing services.{{cite web | url=http://whattheythink.com/news/15870-postal-service-files-capital-one-negotiated-service/ | title=Postal Service Files Capital One Negotiated Service Agreement | date=September 20, 2002}} The resulting three-year agreement{{cite web | url=https://www.prc.gov/Docs/38/38142/MC2002-2.pdf | title=Experimental Rate and Service Changes to Implement Negotiated Service Agreement with Capital One: OPINION AND RECOMMENDED DECISION | date=May 15, 2003}} was extended in 2006.{{cite news | url=https://www.dmnews.com/channel-marketing/direct-mail/news/13070366/prc-says-ok-to-capital-one-nsa-extension | title=PRC Says OK To Capital One NSA Extension | publisher=Direct Marketing News | first=Melissa | last=Campanelli | date=August 25, 2006}} In June 2008, however, Capital One filed a complaint{{cite web | url=https://www.prc.gov/Docs/60/60206/Complaint%20of%20Capital%20One.pdf | title=COMPLAINT OF CAPITAL ONE SERVICES, INC. REGARDING DISCRIMINATION AND OTHER VIOLATIONS OF LAW BY THE UNITED STATES POSTAL SERVICE | publisher=Postal Regulatory Commission | date=June 19, 2008 | access-date=March 14, 2019 | archive-date=January 12, 2018 | archive-url=https://web.archive.org/web/20180112190409/https://www.prc.gov/docs/60/60206/Complaint%20of%20Capital%20One.pdf | url-status=dead }} with the USPS regarding the terms of the next agreement,{{cite news | url=https://www.dmnews.com/channel-marketing/direct-mail/news/13063503/usps-capital-one-dispute-remains-in-discovery | title=USPS, Capital One dispute remains in discovery | publisher=Direct Marketing News | first=Bryan | last=Yurcan | date=January 8, 2009}} citing the terms of the NSA of Capital One's competitor, Bank of America. Capital One subsequently withdrew its complaint to the Postal Regulatory Commission following a settlement with the USPS.{{cite web | url=https://about.usps.com/strategic-planning/cs09/CSPO_09_008.htm |title=Postal Regulatory Commission Proceedings| publisher=United States Postal Service}}

Automobile loan financer Onyx Acceptance Corporation was acquired by Capital One in January 2005.{{cite news | url=https://www.bizjournals.com/washington/stories/2005/01/10/daily17.html | title=Capital One completes Onyx acquisition | first=Jeff | last=Clabaugh | work=American City Business Journals | date=January 12, 2005}}

File:CapitalOneCafeHydeParkChicago.jpg]]

In 2005 Capital One became the first monoline credit card issuer to buy a bank, as it entered into retail banking by acquiring Hibernia National Bank.{{cite news |title=Cap One Enters Retail Banking |url=https://www.americanbanker.com/payments/news/cap-one-enters-retail-banking |access-date=January 27, 2022 |work=American Banker |date=April 1, 2005}} It purchased the New Orleans, Louisiana-based Hibernia for $4.9 billion in cash and stock.{{cite press release | url=https://www.sec.gov/Archives/edgar/data/927628/000090342305000927/capone_ex991-1116.htm | title=Capital One Completes Acquisition of Hibernia Corporation | publisher=U.S. Securities and Exchange Commission | date=November 16, 2005}} It acquired Melville, New York-based North Fork Bank for $13.2 billion in cash and stock in 2006.{{cite press release | url=https://www.sec.gov/Archives/edgar/data/927628/000119312506245235/dex991.htm | title=Capital One Completes Acquisition of North Fork Bancorporation | publisher=U.S. Securities and Exchange Commission | date=December 1, 2006}} The acquisition of retail banks greatly reduced its dependency on the credit-card business alone.{{cite news | url=https://www.forbes.com/2006/03/13/credit-cards-banks-cx_lm_0314northfork.html | title=A Hot Time In Banking | first=Liz | last=Moyer | work=Forbes | date=March 4, 2006}} It briefly considered acquiring Netspend, a marketer of prepaid debit cards, for $700 million in 2007, but the deal was not ultimately completed.{{cite news | url=https://www.americanbanker.com/news/capital-one-acquires-nations-prepaid-card-leader-netspend | title=Capital One Acquires Nation's Prepaid Card Leader NetSpend | work=American Banker | date=August 8, 2007}}

In 2008, Capital One debuted their blue and red "swoosh" logo, and underwent a $13 billion marketing campaign in the following years. The similarity of Credit One Bank's logo and the Capital One logo caused confusion among consumers, with many not realizing they were separate companies. Credit One Bank adopted their black and blue "swoosh" logo in 2006.{{cite web |last1=Surane |first1=Jennifer |title=The Strange Case of the Look-Alike Credit Cards |url=https://www.bloomberg.com/news/articles/2017-12-05/the-strange-case-of-the-look-alike-credit-cards |work=Bloomberg |date=December 5, 2017}}

In February 2009, Capital One acquired Chevy Chase Bank for $520 million in cash and stock.{{cite news | url=https://dealbook.nytimes.com/2008/12/04/capital-one-may-acquire-a-rival-bank/ | title=Capital One to Buy Chevy Chase Bank | work=The New York Times | date=December 4, 2008}}{{cite news | url=https://www.wsj.com/articles/SB122834863033277609 | title=Capital One to Acquire Chevy Chase Bank | first=Dan | last=Fitzpatrick | work=The Wall Street Journal | date=December 4, 2008 |url-access=subscription}}{{cite news | url=https://www.washingtonpost.com/wp-dyn/content/article/2008/12/04/AR2008120401068.html | title=Capital One Awoke To Its Dream Deal | last1=Goldfarb | first1=Zachary A. | last2=Appelbaum | first2=Binyamin | newspaper=The Washington Post | date=December 4, 2008}}{{cite press release | url=http://press.capitalone.com/phoenix.zhtml?c=251626&p=irol-newsArticle&ID=1858559 | title=Capital One Completes Acquisition of Chevy Chase Bank | publisher=PR Newswire | date=February 27, 2009 | access-date=March 14, 2019 | archive-date=May 6, 2017 | archive-url=https://web.archive.org/web/20170506014726/http://press.capitalone.com/phoenix.zhtml?c=251626&p=irol-newsArticle&ID=1858559 | url-status=dead }}

In January 2011, Capital One acquired Canada-based Hudson's Bay Company's private credit card portfolio from Synchrony Financial, then known as GE Financial.{{cite press release |url=http://press.capitalone.com/phoenix.zhtml?c=251626&p=irol-newsArticle&ID=1858657 |title=Capital One Completes Acquisition of Hudson's Bay Company's Credit Card Portfolio |date=January 11, 2011 |work=Capital One |access-date=August 11, 2019 |archive-date=May 5, 2017 |archive-url=https://web.archive.org/web/20170505165219/http://press.capitalone.com/phoenix.zhtml?c=251626&p=irol-newsArticle&ID=1858657 |url-status=dead }}

In April 2011, Capital One signed a deal with Kohl's to handle Kohl's private label credit card program that was previously serviced by Chase Bank for a seven-year period for an undisclosed amount.{{cite news |url=https://www.washingtonpost.com/business/capitalbusiness/capital-one-wins-deal-to-back-kohls-credit-cards/2011/04/07/AFdmSlFD_story.html |title=Capital One wins deal to back Kohl's credit cards |newspaper=The Washington Post |date=April 10, 2011 |first=Danielle |last=Douglas}} The contract between the two companies was extended in May 2014.{{cite press release |url=http://press.capitalone.com/phoenix.zhtml?c=251626&p=irol-newsArticle&ID=1931339 |title=Kohl's and Capital One Announce Extended Contract for Private Label Credit Card |date=May 15, 2014 |work=Capital One |access-date=August 11, 2019 |archive-date=May 5, 2017 |archive-url=https://web.archive.org/web/20170505051307/http://press.capitalone.com/phoenix.zhtml?c=251626&p=irol-newsArticle&ID=1931339 |url-status=dead }}

In August 2011, Capital One reached a deal with HSBC to acquire its U.S. credit card operations.{{cite news | url=https://www.reuters.com/article/us-hsbc-capitalone/capital-one-bulks-up-u-s-cards-with-hsbc-deal-idUSTRE7790W620110810 | title=Capital One bulks up U.S. cards with HSBC deal | work=Reuters | first1=Dan | last1=Wilchins | first2=Denny | last2=Thomas | date=August 10, 2011}} Capital One paid $31.3 billion in exchange for $28.2 billion in loans and $600 million in other assets. The acquisition was completed in May 2012.{{cite news |url=https://wallethub.com/edu/hsbc-credit-cards-become-capital-one-credit-cards/25661/ | title=Most HSBC Credit Cards Become Capital One Credit Cards | first=John S. | last=Kiernan | work=WalletHub | date=May 3, 2012}} The acquisition also included private issued credit cards for such companies as Saks Fifth Avenue, Neiman Marcus, and Lord & Taylor that were previously handled by HSBC.{{cite news |url=https://www.washingtonpost.com/business/economy/capital-one-snags-hsbc-credit-card-business/2011/08/10/gIQArj136I_story.html |title=Capital One snags HSBC credit card business |newspaper=The Washington Post |date=August 10, 2011 |first=Danielle |last=Douglas}}

In February 2012, along with several other banks, Capital One announced support for the Isis Mobile Wallet payment system.{{cite news | url=http://www.banktech.com/payments/isis-adds-three-banks-to-its-mobile-wallet/d/d-id/1295163.html | title=Isis Adds Three Banks to its Mobile Wallet | first=Bryan | last=Yurcan | work=InformationWeek | date=February 27, 2012}} However, in September 2013, Capital One dropped support for the venture.{{cite news | url=https://www.pcmag.com/article2/0,2817,2424630,00.asp|title=Capital One Drops Support for Isis Mobile Wallet | work=PC Magazine | first=Stephanie | last=Mlot | date=September 20, 2013}}

In 2012, Capital One closed 41 branch locations.{{cite news | url=https://money.cnn.com/2013/01/25/pf/banks-online-mobile-banking/ | title=Say goodbye to more bank branches | first=Blake | last=Ellis | work=CNN | date=January 25, 2013}}

In 2014, Capital One amended its terms of use to allow it to "contact you in any manner we choose", including a "personal visit . . . at your home and at your place of employment". It also asserted its right to "modify or suppress caller ID and similar services and identify ourselves on these services in any manner we choose".{{cite news | author-link=David Lazarus | first=David | last=Lazarus | url=https://www.latimes.com/business/la-fi-lazarus-20140218-column.html | title=Capital One says it can show up at cardholders' homes, workplaces | work=Los Angeles Times | date=February 17, 2014}} The company stated that it would not actually make personal visits to customers except "As a last resort, . . . if it becomes necessary to repossess [a] sports vehicle". Capital One also attributed its assertion of a right to "spoof" as necessary because "sometimes the number is 'displayed differently' by 'some local phone exchanges,' something that is 'beyond our control'".{{cite news | first=Amanda | last=Alix | url=https://www.fool.com/investing/general/2014/02/19/capital-one-to-customers-you-cant-hide-from-us.aspx | title=Capital One to Customers: You Can't Hide From Us | work=The Motley Fool | date=February 19, 2014}}

In February 2014, Capital One became a 25% owner in ClearXchange, a Peer-to-peer transaction money transfer service designed to make electronic funds transfers to customers within the same bank and other financial institutions via mobile phone number or email address.{{cite press release | url=http://www.pymnts.com/assets/Uploads/FINAL-Press-ReleaseCOF-CXC-021414.pdf | title=CAPITAL ONE JOINS CLEARXCHANGE NETWORK | publisher=pymnts.com | date=February 19, 2014 | access-date=May 29, 2017 | archive-date=July 26, 2014 | archive-url=https://web.archive.org/web/20140726032327/http://www.pymnts.com/assets/Uploads/FINAL-Press-ReleaseCOF-CXC-021414.pdf | url-status=dead }} ClearXchange was sold to Early Warning in 2016.{{cite press release | url=https://www.earlywarning.com/news/press-releases/2016/early-warning-completes-acquisition-of-clearxchange.html | title=Early Warning Completes Acquisition of clearXchange | publisher=Early Warning | date=January 12, 2016 | access-date=May 29, 2017 | archive-url=https://web.archive.org/web/20170617074458/http://www.earlywarning.com/news/press-releases/2016/early-warning-completes-acquisition-of-clearxchange.html | archive-date=June 17, 2017 | url-status=dead }}

In October 2014, Capital One acquired Adaptive Path, a San Francisco-based user experience and digital design consultancy.{{cite news | url=https://techcrunch.com/2014/10/02/adaptive-path-acquired-by-capital-one/ | title=Design Firm Adaptive Path Acquired By Capital One | work=TechCrunch | date=October 2, 2014}}

In January 2015, Capital One acquired Level Money, a budgeting app for consumers.{{cite news | url=https://techcrunch.com/2015/01/12/capital-one-acquires-budgeting-app-level-money/ | title=Capital One Acquires Budgeting App Level Money | first=Sarah | last=Perez | work=TechCrunch | date=January 12, 2015}}

In 2015, Capital One closed several branch locations to leave 174 operating branches in the D.C. metro area.{{cite news | url=http://www.bizjournals.com/washington/news/2016/05/04/heres-how-much-capital-one-is-spending-this-year.html | title=Here's how much Capital One is spending this year to close, renovate its branches | first=Andy | last=Medici | work=American City Business Journals | date=May 4, 2016}}

In July 2015, the company acquired Monsoon, a design studio, development shop, marketing house and strategic consultancy.{{cite news | last=Perez | first=Sarah | title=Capital One Acquires Oakland-Based Design And Development Firm Monsoon | url=https://techcrunch.com/2015/07/08/capital-one-acquires-oakland-based-design-and-development-firm-monsoon | work=TechCrunch | date=July 8, 2015}}

In 2015, Capital One acquired General Electric's Healthcare Financial Services unit, which included $8.5 billion in loans made to businesses in the healthcare industry, for $9 billion.{{cite press release | url=http://www.prnewswire.com/news-releases/capital-one-completes-acquisition-of-ge-capitals-healthcare-financial-services-lending-business-300186295.html | title=Capital One Completes Acquisition of GE Capital's Healthcare Financial Services Lending Business | publisher=PR Newswire | date=December 1, 2015}}

In October 2016, Capital One acquired Paribus, a price tracking service, for an undisclosed amount.{{cite news | url=https://techcrunch.com/2016/10/06/capital-one-acquires-online-price-tracker-paribus/ | title=Capital One acquires online price tracker Paribus | first=Sarah | last=Perez | work=TechCrunch | date=October 6, 2016}}{{cite news | url=https://www.americanbanker.com/news/capital-one-adds-to-its-growing-list-of-fintech-deals | title=Capital One Adds to Its Growing List of Fintech Deals | first=Bryan | last=Yurcan | work=American Banker | date=October 12, 2016}}

In July 2019, Capital One signed a deal with Walmart to handle Walmart's private label and co-branded credit card programs that was previously serviced by Synchrony Financial.{{cite press release |url=https://corporate.walmart.com/newsroom/2018/07/26/walmart-and-capital-one-sign-credit-card-program-agreement |title=Walmart and Capital One Sign Credit Card Program Agreement |date=July 26, 2018 |work=Walmart}} Walmart terminated the deal in April 2024 after customer service failures by Capital One.{{Cite web |last=Hunter |first=Meghan |date=2024-05-30 |title=Walmart Ends Credit Card Partnership With Capital One—What It Means For Cardholders |url=https://www.forbes.com/advisor/credit-cards/walmart-ends-credit-card-partnership-with-capital-one/ |access-date=2025-01-02 |website=Forbes Advisor |language=en-US}}

{{anchor|Venture X}}

In November 2021, the company introduced Venture X, a travel rewards credit card, with a $395 annual fee.{{cite news |url=https://www.forbes.com/advisor/credit-cards/reviews/venture-x-card/ |title=Capital One Venture X Card 2021 Review |first=Dia |last=Adams |website=Forbes |date=November 10, 2021 |access-date=November 23, 2021}}

In December 2006, Capital One acquired its GreenPoint Mortgage unit when the company paid $13.2 billion for North Fork Bancorp Inc.{{cite news | url=https://www.reuters.com/article/us-financial-mortgages/luminent-thornburg-take-liquidity-steps-idUSN2027429520070820 | title=Capital One slashes jobs, mortgage industry swoons | first=Dan | last=Wilchins | work=Reuters | date=August 20, 2007}} During the subprime mortgage crisis, Capital One closed its mortgage platform, GreenPoint Mortgage, due in part to investor pressures, cutting 1,900 jobs and costing the company $860 million in charges.{{cite news | url=https://www.cnbc.com/2007/08/20/capital-one-financial-closes-wholesale-mortgage-unit.html | title=Capital One Closes Wholesale Mortgage Unit | agency=Associated Press |publisher=CNBC | date=August 20, 2007}}{{cite news | url=https://www.wsj.com/articles/SB118764159728403271 | title=Capital One to Close Its GreenPoint Unit | first=Valerie | last=Bauerlein | work=The Wall Street Journal | date=August 21, 2007 |url-access=subscription}}{{cite news | url=https://www.cnbc.com/2007/08/20/capital-one-financial-closes-wholesale-mortgage-unit.html | title=Capital One Financial Closes Wholesale Mortgage Unit | agency=Associated Press | publisher=CNBC | date=August 20, 2007}} The U.S. Securities and Exchange Commission criticized Capital One's conduct during the crisis, claiming that they understated auto loan losses during the 2008 financial crisis. In 2013, Capital One paid $3.5 million to settle the case, but was not required to directly address the allegations of wrongdoing.{{cite news | url=https://dealbook.nytimes.com/2013/04/24/capital-one-settles-accusations-it-understated-loan-losses/ |title=DEALBOOK; Capital One Settles Charges It Understated Loan Losses | first=Ben | last=Protess | work=The New York Times | date=April 25, 2013}} In 2008, Capital One received an investment of $3.56 billion from the United States Treasury as a result of the Troubled Asset Relief Program.{{cite web | url=http://pdf.secdatabase.com/432/0001193125-08-237987.pdf |title=Capital One, Form 8-K, Current Report, Filing Date Nov 18, 2008 | publisher=secdatabase.com | date=November 18, 2008}}{{cite web | url=https://www.treasury.gov/initiatives/financial-stability/briefing-room/reports/tarp-transactions/DocumentsTARPTransactions/TransactionReport-11172008.pdf | title=CAPITAL PURCHASE PROGRAM Transaction Report | publisher=United States Treasury | work=Tarp Transactions | date=November 17, 2008 | quote=11/14/2008 Capital One Financial Corporation / McLean VA / Purchase Preferred Stock w/Warrants / $3,555,199,000 / Par}} On June 17, 2009, Capital One completed the repurchase of the stock the company issued to the U.S. Treasury paying a total of $3.67 billion, resulting in a profit of over $100 million to the U.S. Treasury.{{cite web | url=http://edgar.secdatabase.com/1088/119312509132345/filing-main.htm | title=Capital One, Form 8-K, Current Report, Filing Date Jun 17, 2009 | publisher=secdatabase.com | date=June 17, 2009}}

The re-emergence into the mortgage industry came in June 2011, when ING Group announced the sale of its ING Direct division to Capital One for $9 billion in cash and stock.{{cite press release | url=https://www.ing.com/Newsroom/Nieuws/Persberichten/PB/ING-to-sell-ING-Direct-USA-to-Capital-One.htm | title=ING To Sell ING Direct USA to Capital One | publisher=ING Group | date=June 16, 2011}}{{cite news | url=https://www.washingtonpost.com/business/economy/capital-one-bank-to-acquire-ing-direct-usa/2011/06/16/AG4fVzXH_story.html | title=Capital One Bank to acquire ING Direct USA | first=Renae | last=Merle | newspaper=The Washington Post | date=June 16, 2011}} On August 26, 2011, the Federal Reserve Board of Governors announced it would hold public hearings on the Capital One acquisition of ING Direct, and extend to October 12, 2011, the public comment period that had been scheduled to end August 22.{{cite press release | url=https://www.federalreserve.gov/newsevents/pressreleases/orders20110826a.htm | publisher=Federal Reserve System | title=Federal Reserve Board announces public meetings on the notice by Capital One Financial Corporation to acquire ING Bank | date=August 26, 2011}} The move came amidst rising scrutiny of the deal on systemic risk, or "Too-Big-to-Fail," performance under the Community Reinvestment Act, and pending legal challenges. A coalition of national civil rights and consumer groups, led by the National Community Reinvestment Coalition, were joined by Rep. Barney Frank to challenge immediate approval of the deal. The groups argued that the acquisition was a test of the Dodd-Frank Wall Street Reform and Consumer Protection Act, under which systemically risky firms must demonstrate a public benefit that outweighs new risk before they are allowed to grow. Kansas City Federal Reserve Bank head Thomas M. Hoenig was also skeptical of the deal.{{cite news | url=https://www.reuters.com/article/us-usa-fed-hoening-idUSTRE77O5P420110825 | title=Fed's Hoenig Says Doesn't See Recession Looming | first=Mark | last=Felsenthal | work=Reuters | date=August 25, 2011}}{{cite news | url=https://www.washingtonpost.com/business/economy/steven-pearlstein-time-to-say-no-to-bank-consolidation/2011/08/20/gIQA8Q5LjJ_story.html | title=Steven Pearlstein: Time to say no to bank consolidation | last=Pearlstein | first=Steven | newspaper=The Washington Post | date=August 28, 2011}} In February 2012, the acquisition was approved by regulators and Capital One completed its acquisition of ING Direct.{{cite press release | url=http://www.prnewswire.com/news-releases/capital-one-completes-acquisition-of-ing-direct-139515678.html | title=Capital One Completes Acquisition of ING Direct | publisher=PR Newswire | date=February 17, 2012}} Capital One received permission to merge ING into its business in October 2012,{{cite web | url=http://www.occ.treas.gov/news-issuances/memos-advisory-letters/2012/capitalone_ing_101712.pdf | title=Conditional Merger Approval | publisher=Office of the Comptroller of Currency | date=October 17, 2012 | access-date=February 13, 2014 | archive-date=February 16, 2013 | archive-url=https://web.archive.org/web/20130216152949/http://www.occ.treas.gov/news-issuances/memos-advisory-letters/2012/capitalone_ing_101712.pdf | url-status=dead }} and rebranded ING Direct as Capital One 360 in November 2012.{{cite news | url=http://www.bizjournals.com/washington/blog/2012/11/ing-direct-rebranded-as-capital-one-360.html | title=ING Direct rebranded as Capital One 360 | work=American City Business Journals | first=Bryant | last=Ruiz Switzky | date= November 8, 2012}}

In November 2017, President of Financial Services Sanjiv Yajnik announced that the mortgage market was too competitive in the low rate environment to make money in the business.{{cite web | url=https://www.housingwire.com/articles/41759-capital-one-suddenly-exits-mortgage-and-home-equity-business | title=Capital One suddenly exits mortgage and home equity business | first=Kelsey | last=Ramirez | work=HousingWire.com | date=November 16, 2017}} The company exited the mortgage origination business on November 7, 2017, laying off 1,100 employees.{{cite news | url=https://www.bloomberg.com/news/articles/2017-11-07/capital-one-exits-mortgage-origination-business-cuts-1-100-jobs | title=Capital One Exits Mortgage Origination Business, Cuts 1,100 Jobs | first=Jennifer | last=Surane | work=Bloomberg L.P. | date=November 7, 2017}}

Beginning in 2010, Alec Baldwin appeared in a television campaign for Capital One as their spokesperson.{{cite news |date=July 2, 2012 |title=Alec Baldwin Donates $1 Million To New York Philharmonic With Profit From Capital One Commercials |url=http://www.huffingtonpost.com/2012/07/02/alec-baldwin-donates-new-york-philharmonic-capital-one-million-roundabout-theater_n_1644243.html |url-status=live |archive-url=https://web.archive.org/web/20120704152236/http://www.huffingtonpost.com/2012/07/02/alec-baldwin-donates-new-york-philharmonic-capital-one-million-roundabout-theater_n_1644243.html |archive-date=July 4, 2012 |access-date=November 18, 2019 |work=The Huffington Post}}{{cbignore}} Following his 2013 confrontation with a videographer reported by TMZ, his contract was not renewed,Baldwin, Alec (February 23, 2014). [https://www.vulture.com/2014/02/alec-baldwin-good-bye-public-life.html "Alec Baldwin: Good-bye, Public Life"]. Vulture. and he was succeeded in the campaign by Jennifer Garner.[http://adage.com/article/media/jennifer-garner-capital/294808/ "Jennifer Garner Gets Serious for Capital One (Watch the Newest Ads on TV)"]. Advertising Age. September 3, 2014.[https://hollywoodbranded.com/what-makes-good-celebrity-endorsement/ "What Makes a Good Celebrity Endorsement – For Air Miles?"]. Hollywood Branded. November 7, 2014.

In 2012 Capital One released an advert featuring British power metal band DragonForce. The advert showed Herman Li and Sam Totman playing guitar on an asteroid while using Capital One's mobile app.{{Cite web |last=Cashmere |first=Paul |date=2013-01-16 |title=Dragonforce Star In A Bank Commerical |url=https://www.noise11.com/news/dragonforce-star-in-an-add-for-a-bank-20130116 |access-date=2024-10-27 |website=Noise11.com |language=en-US}}{{Cite web |last=Shaw |first=Zach |date=2012-12-31 |title=Dragonforce Appear In Capital One Commercial {{!}} Metal Insider |url=https://metalinsider.net/video/dragonforce-appear-in-capital-one-commercial |access-date=2024-10-27 |language=en-US}}{{Cite web |last=Blabbermouth |date=2012-12-29 |title=DRAGONFORCE Featured In CAPITAL ONE Commercial |url=https://blabbermouth.net/news/dragonforce-featured-in-capital-one-commercial |access-date=2024-10-27 |website=BLABBERMOUTH.NET |language=en}}

In May 2018, the company acquired Confyrm, a digital identity and fraud alert service.{{cite news | url=https://techcrunch.com/2018/05/11/capital-one-acquires-digital-identity-and-fraud-alert-startup-confyrm/ | title=Capital One acquires digital identity and fraud alert startup Confyrm | first=Sarah | last=Perez | work=TechCrunch | date=May 11, 2018}}{{cite news | url=https://medium.com/capitalonetech/confyrm-joins-capital-one-to-fuel-consumer-identity-services-at-scale-29307910cc2b | title=Confyrm Joins Capital One to Fuel Consumer Identity Services at Scale | first=Andrew | last=Nash | work=Medium | date=May 11, 2018}}{{cite news | url=https://www.americanbanker.com/news/capital-one-boosts-its-digital-identity-platform-with-fintech-purchase | title=How Capital One sees digital identity as a business opportunity | first=Nathan | last=DiCamillo | work=American Banker | date=May 30, 2018}}

In November 2018, Capital One acquired Wikibuy, a shopping comparison app and browser extension from an Austin, Texas start-up business; Wikibuy has no connection with Wikipedia/Wikimedia.{{cite web |last1=Son |first1=Hugh |title=Capital One buys tech start-up used by millions to price-check while shopping on Amazon |url=https://www.cnbc.com/2018/11/20/capital-one-buys-startup-used-to-price-check-while-shopping-on-amazon.html |website=CNBC |access-date=September 9, 2020 |language=en |date=November 20, 2018}} Wikibuy continues to operate the service which is now named Capital One Shopping.{{cite web |title=Terms of Service |url=https://capitaloneshopping.com/our-terms/terms-of-service |website=Capital One Shopping |access-date=25 January 2024}}

{{Infobox acquisition

| logo = Capital One logo.svg

| logo2 = Discover Card logo.svg

| initiator = Capital One

| target = Discover Financial

| type = Financial full acquisition

| cost = {{US$|35 billion|link=yes}}

| initiated = February 2024

| completed = May 18, 2025

| entity = Capital One

}}

Capital One announced in February 2024 that it had agreed to acquire Discover Financial in an all-stock deal worth $35.3 billion.{{Cite news|url=https://www.cnbc.com/2024/02/19/capital-one-acquiring-discover-financial-services-report-says.html|title=Capital One to acquire Discover Financial Services in $35.3 billion all-stock deal|publisher=CNBC|last1=Kim|first1=Hakyung|last2=Wang|first2=Christine|date=February 19, 2024}} If the deal is approved by regulators, the combined company will become the largest credit card issuer in the U.S.{{Cite news |last1=Nerkar |first1=Santul |last2=Flitter |first2=Emily |date=2024-02-20 |title=What to Know About Capital One's Proposed Acquisition of Discover |url=https://www.nytimes.com/2024/02/20/business/capital-one-discover-what-to-know.html |access-date=2024-05-22 |work=The New York Times |language=en-US |issn=0362-4331}} Jamie Dimon, CEO of rival firm, JPMorgan Chase, said he welcomed the deal, even if his bank would be surpassed as the country's biggest credit card lender. He also praised the firm's CEO, Richard Fairbank.{{Cite web |last=Son |first=Hugh |date=2024-02-26 |title=Jamie Dimon on Capital One's $35.3 billion Discover acquisition: 'Let them compete' |url=https://www.cnbc.com/2024/02/26/jamie-dimon-on-capital-one-discover-deal-let-them-compete.html |access-date=2024-02-28 |website=CNBC |language=en}}

The Attorney General of New York launched an investigation into whether the company's takeover of Discover would violate state anti-trust laws.Stempel, Jonathan [https://www.reuters.com/markets/deals/new-york-probing-whether-capital-one-discover-merger-violates-antitrust-law-2024-10-23/ "New York probing legality of Capital One-Discover merger"] Reuters, October 28, 2024. Retrieved November 4, 2024. In July 2024, a proposed consumer class action lawsuit was also filed in Virginia, claiming that it would be in violation of federal antitrust laws, forming the largest U.S. credit card issuer by balance and sixth-largest U.S. bank by assets.Scarcella, Mike [https://www.reuters.com/markets/deals/new-york-probing-whether-capital-one-discover-merger-violates-antitrust-law-2024-10-23/ "Capital One customers sue to block $35 billion Discover merger"] Reuters, July 23, 2024. Retrieved November 4, 2024.

The deal was approved by U.S. banking regulators in April 2025.{{Cite web |date=April 18, 2025 |title=Capital One, Discover deal approved by US bank regulators |url=https://www.reuters.com/business/finance/us-banking-regulators-ok-capital-one-discover-deal-2025-04-18/ |access-date=April 23, 2025 |website=Reuters}}

Capital One operates 3 divisions as follows:

• Credit cards – Capital One issues credit cards in the United States, Canada, and the United Kingdom and is the 3rd largest credit card issuer, after JPMorgan Chase and Citigroup. {{As of|2018|12|31|df=US}}, Capital One had $107.350 billion in credit card loans outstanding in the United States and $9.011 billion of credit card loans outstanding in Canada and the United Kingdom, with credit cards representing 47.3% of total loans outstanding.
• Consumer banking – Capital One offers banking services, including checking accounts, saving accounts, and money market accounts via its branches and direct bank as well as retail and auto loans. {{As of|2018|12|31|df=US}}, the company had $2.864 billion in retail loans outstanding and $56.341 billion in car finance loans outstanding, representing 22.9% of total loans outstanding.
• Commercial banking – {{As of|2018|12|31|df=US}}, Capital One had $70.333 billion in loans outstanding secured by commercial, multifamily, and industrial properties, representing 28.6% of total loans outstanding.

File:Capital one arena.jpg]]

From 2001 to 2014, Capital One was the principal sponsor of the college football Florida Citrus Bowl, which was called the Capital One Bowl from 2003 to 2014. It sponsored a mascot challenge every year, announcing the winner on the day of the Capital One Bowl. The name of the bowl game was changed in 2015 to the Buffalo Wild Wings Citrus Bowl.{{cite news |title=Capital One Bowl will be renamed |url=https://www.espn.com/college-football/story/_/id/11568476/capital-one-bowl-renamed-buffalo-wild-wings-citrus-bowl |access-date=November 18, 2019}}

Capital One is the title sponsor of the Orange Bowl since 2015.

Capital One Venture X is the presenting sponsor of the Rose Bowl Game since 2022.

Capital One is one of the top three sponsors of the NCAA, paying an estimated $35 million annually in exchange for advertising and access to consumer data.{{cite news | url=http://www.espn.com/blog/playbook/dollars/post/_/id/3111/capital-one-maximizing-marchs-madness |title=Capital One maximizing March's madness | first=Kristi | last=Dosh | work=ESPN | date=November 3, 2013}}{{cite news | url=https://bankinnovation.net/2013/04/and-one-cap-one-uses-march-madness-to-mine-customer-data/ | title=Cap One Uses March Madness to Mine Customer Data, Even After Tournament | first=JJ | last=Hornblass | work=Bank Innovation | date=April 11, 2013 | archive-date=July 22, 2018 | access-date=March 14, 2019 | archive-url=https://web.archive.org/web/20180722041259/https://bankinnovation.net/2013/04/and-one-cap-one-uses-march-madness-to-mine-customer-data/ | url-status=dead }} Capital One also sponsored the EFL Cup, an English soccer knockout tournament, from 2012 to 2016. The company sponsored English soccer clubs Nottingham Forest from 2003 to 2009 and Sheffield United from 2006 to 2008. From 2009 to 2022, the University of Maryland Terrapins football team played at Capital One Field at Maryland Stadium (formerly Byrd Stadium), a naming-rights deal inherited in the bank's acquisition of Chevy Chase Bank. In 2017, the company became the sponsor of the Capital One Arena in Washington D.C.{{cite news | title=Verizon Center to become Capital One Arena, starting now | url=https://www.washingtonpost.com/news/dc-sports-bog/wp/2017/08/09/verizon-center-to-become-capital-one-arena-starting-now/ | first=Dan | last=Steinberg | newspaper=The Washington Post | date=August 9, 2017}}{{cite news | title=Verizon Center to become Capital One Arena, starting now | url=https://www.bizjournals.com/washington/news/2017/08/09/verizon-center-officially-has-a-new-name-starting.html | first=Andy | last=Medici | work=American City Business Journals | date=August 9, 2017}}

In 2018, to celebrate the Washington Capitals' second-ever Stanley Cup Finals appearance, the firm temporarily changed its logo by replacing the word "Capital" with the Capitals' titular logo, without the "s" plural.{{cite news | url=https://wjla.com/sports/washington-capitals/capital-one-changes-website-logo-to-support-the-caps-ahead-of-the-stanley-cup-finals | title=Capital One changes website logo to support Caps ahead of Stanley Cup finals | first=Stephen | last=Pimpo Jr. | work=WJLA-TV | date=May 27, 2018}}{{cite news | url=https://www.nbcsports.com/washington/capitals/capital-one-bank-just-made-caps-themed-update-its-logo-and-were-here-it | title=Capital One Bank just made a Caps-themed update to its logo and we're here for it | first=Caroline | last=Brandt | work=NBC Sports | date=May 27, 2018}}

In March 2022, Major League Baseball announced that Capital One is the official bank and credit card and presenting sponsor of the World Series.{{cite web |last1=Young |first1=Jabari |title=MLB reaches a $125 million sponsorship deal with Capital One |url=https://www.cnbc.com/2022/03/28/mlb-reaches-125-million-sponsorship-deal-with-capital-one.html |website=CNBC.com |publisher=CNBC LLC |access-date=7 February 2025 |date=March 28, 2022}} In March 2022, Capital One also announced a partnership with Vivid Seats Inc. to launch Capital One Entertainment, a rewards programs for cards holders.{{cite web |title=Vivid Seats, Capital One Partner on Ticket Portal |url=https://www.pymnts.com/partnerships/2022/vivid-seats-capital-one-partner-on-ticket-portal/ |website=PYMNTS.com |access-date=7 February 2025 |date=March 30, 2022}}

Capital One operates some charitable programs. The accountability organization National Committee for Responsive Philanthropy has been highly critical of Capital One's relatively low rate of giving, stating that "Capital One's philanthropic track record is dismal".{{cite press release | url=http://www.ncrp.org/news-room/press-releases/776-doubt-over-capital-ones-commitment-to-philanthropy- | title=Doubt Over Capital One's Commitment to Philanthropy | publisher=National Committee for Responsive Philanthropy | date=October 4, 2011 | access-date=February 10, 2014 | archive-url=https://web.archive.org/web/20140306214057/http://www.ncrp.org/news-room/press-releases/776-doubt-over-capital-ones-commitment-to-philanthropy- | archive-date=March 6, 2014 | url-status=dead | df=mdy-all }} The organization pointed out that Capital One's donations of 0.024% of revenue were much less than the industry median of 0.11% of revenue. Capital One has disputed the groups figures, saying that "... In 2011 alone, our giving totals are more than 6 times greater ($30 million) than the number given by the NCRP".{{cite news | url=https://www.nbcnews.com/id/wbna44787192 | title=Charity group wary of Capital One-ING merger | agency=Associated Press | work=NBC News | date=October 5, 2011}}

In July 2012, Capital One was fined by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau for misleading millions of its customers, for example by requiring customers to pay extra for payment protection or credit monitoring when they took out a card.{{cite news | url=https://www.bbc.com/news/business-18893998 | title=Capital One fined for misleading millions of customers | work=BBC News | date=July 18, 2012}} The company agreed to pay $210 million to settle the legal action and to refund two million customers.{{cite web | url=http://pdf.secdatabase.com/1492/0001193125-12-305691.pdf | title=Capital One, Form 8-K, Current Report, Filing Date Jul 18, 2012 | publisher=secdatabase.com | date=July 18, 2012}} This was the CFPB's first public enforcement action.{{cite news | url=https://money.cnn.com/2012/07/18/pf/capital-one-refund/index.htm | title=Capital One to pay $210 million in fines, consumer refunds | work=CNN |date=July 18, 2012}}

In August 2014, Capital One and three collection agencies entered into an agreement to pay $75.5 million to end a consolidated class action lawsuit pending in the United States District Court for the Northern District of Illinois alleging that the companies used an automated dialer to call customers' cellphones without consent, which is a violation of the Telephone Consumer Protection Act of 1991.{{cite magazine| last1=Dale | first1=Margaret A. | title=Capital One to Pay Largest TCPA Settlement on Record | magazine=The National Law Review | url=https://www.natlawreview.com/article/capital-one-to-pay-largest-tcpa-settlement-record-0 | publisher=Proskauer Rose | date=August 19, 2014 | issn=2161-3362}} It is notable that this legal action involved informational telephone calls, which are not subject to the "prior express written consent" requirements which have been in place for telemarketing calls since October 2013.{{cite news | last1=Slawe | first1=Meredith C. | last2=Madway | first2=Brynne S. | title=Capital One Agrees to $75 Million Telephone Consumer Protection Act (TCPA) Settlement | url=https://www.natlawreview.com/article/capital-one-agrees-to-75-million-telephone-consumer-protection-act-tcpa-settlement | work=The National Law Review | date=August 11, 2014}}

Capital One publicly acknowledged on July 29, 2019, that they had found unauthorized access had occurred ten days earlier by an individual who had breached the account and identity security of 106 million people in the United States and Canada,{{cite web |url=https://www.capitalone.com/facts2019/ |title=Frequently Asked Questions |publisher=Capital One |url-status=live |archive-url=https://web.archive.org/web/20190730125041/https://www.capitalone.com/facts2019/ |archive-date=July 30, 2019 |access-date=July 30, 2019 }} one of the largest data breaches of personal information.{{Cite journal |last1=Khan |first1=Shaharyar |last2=Kabanov |first2=Ilya |last3=Hua |first3=Yunke |last4=Madnick |first4=Stuart |date=2023-02-28 |title=A Systematic Analysis of the Capital One Data Breach: Critical Lessons Learned |url=https://dl.acm.org/doi/10.1145/3546068 |journal=ACM Transactions on Privacy and Security |language=en |volume=26 |issue=1 |pages=1–29 |doi=10.1145/3546068 |issn=2471-2566|hdl=1721.1/146397 |hdl-access=free }} The FBI arrested Paige Thompson, who had previously worked as a software engineer for Amazon Web Services, Capital One's cloud hosting company. Capital One declared that Thompson had accessed about 140,000 Social Security numbers, a million Canadian social insurance numbers; 80,000 bank account numbers, and an unknown number of names and addresses of customers. Capital One began offering free credit monitoring services{{Cite web |last=Newcomb |first=Alyssa |date=2019-07-30 |title=How to protect yourself after the Capital One data breach |url=https://www.nbcnews.com/business/consumer/how-protect-yourself-after-capital-one-data-breach-n1036076 |access-date=2024-06-24 |website=NBC News |language=en}} and identity protection{{Cite web |last=Gressin |first=Seena |date=2019-07-30 |title=The Capital One data breach: Time to check your credit report |url=https://consumer.ftc.gov/consumer-alerts/2019/07/capital-one-data-breach-time-check-your-credit-report |access-date=2024-06-24 |website=Consumer Advice |language=en}} to those affected by the breach.{{Cite web|url=https://www.cnn.com/2019/07/29/business/capital-one-data-breach/index.html|title=A hacker gained access to 100 million Capital One credit card applications and accounts|first=Rob|last=McLean|website=CNN|date=July 30, 2019|access-date=July 30, 2019}}{{cite news |last1=Barrett |first1=Devlin |title=Capital One says data breach affected 100 million credit card applications |url=https://www.washingtonpost.com/national-security/capital-one-data-breach-compromises-tens-of-millions-of-credit-card-applications-fbi-says/2019/07/29/72114cc2-b243-11e9-8f6c-7828e68cb15f_story.html |access-date=October 29, 2022 |newspaper=The Washington Post |date=July 29, 2019}} It was ultimately determined there was no evidence the data was shared by Thompson.

Amazon stated that the security vulnerability she used to access Capital One could have been discovered by anyone, the information that facilitated her activity was not gained from work at Amazon, and that she gained access via "a misconfiguration of the (Capital One-designed) web application and not the underlying (Amazon-designed) cloud-based infrastructure".{{Cite web |date=2019-07-31 |title=Paige Thompson: What we know about accused Capital One breach hacker |url=https://www.cbsnews.com/news/paige-thompson-what-we-know-about-accused-capital-one-breach-hacker-2019-07-31/ |access-date=2023-07-05 |website=CBS News |language=en-US}}

In 2022, Thompson was convicted of five felonies and two misdemeanors. She was sentenced to time served and five years of probation.{{Cite web |last=Perera |first=David |date=4 October 2022 |title=Capital One Hacker Paige Thompson Sentenced to Time Served |url=https://www.bankinfosecurity.com/prewrite-do-publish-capital-one-hacker-receives-tk-years-sentence-a-20189 |access-date=27 February 2024 |website=Bank Info Security}}

Capital One was alerted to the breach on July 17, 2019, twelve days before they publicly acknowledged it. Several Capital One customers stated that the first time they heard about the hack was through the media and the bank did not disclose the breach or explain its implications to affected customers.{{Cite journal|url=https://slate.com/technology/2019/07/capital-one-hack-no-customer-notification.html|title = Capital One Took Nearly Two Weeks to Disclose Its Hack and Customers Still Don't Know if They Were Affected| journal=Slate |date = July 31, 2019 | last1=Glaser | first1=April }} On social media and in the mainstream press, Capital One's contradictory July 2019 press statement was mocked{{Cite web|url=https://www.businessinsider.com/capital-one-hack-press-release-slammed-on-social-media-2019-7|title=Capital One was hacked and people on social media are slamming the bank's response|last=Villas-Boas|first=Antonio|website=Business Insider|access-date=February 28, 2020}}{{Cite web|url=https://www.forbes.com/sites/ajdellinger/2019/07/30/capital-one-hit-with-class-action-lawsuit-following-massive-data-breach/|title=Capital One Hit With Class-Action Lawsuit Following Massive Data Breach|last=Dellinger|first=A. J.|website=Forbes|language=en|access-date=February 28, 2020}} for saying "No bank account numbers or Social Security numbers were compromised," but then listing hundreds of thousands of bank account numbers and social security numbers that were compromised.{{Cite web |last=Perera |first=David |date=Oct 4, 2022 |title=Capital One Hacker Paige Thompson Sentenced to Time Served |url=https://www.bankinfosecurity.com/capital-one-hacker-paige-thompson-sentenced-to-time-served-a-20189 |access-date=2024-06-07 |website=www.bankinfosecurity.com |language=en}}

On August 6, 2020, the Federal Reserve Board of Governors announced a cease and desist order against Capital One resulting from the breach.{{cite press release | url=https://www.federalreserve.gov/newsevents/pressreleases/files/enf20200806a1.pdf | title=United States of America Before the Board of Governors of the Federal Reserve System | publisher=Federal Reserve Board | date=August 6, 2020}} The order mandated, among other things, significant improvements in Capital One's governance, risk management and compliance (GRC) practices. The Federal Reserve ended the enforcement action in 2023.{{cite web |last=Ennis |first=Dan |date=July 12, 2023 |title=Fed ends Capital One breach-related enforcement action |website=bankingdive.com |publisher=Informa |url=https://www.bankingdive.com/news/fed-terminates-capital-one-2020-enforcement-action-data-breach-aws-paige-thompson-occ-106-million/686725/ |access-date=May 8, 2024}}

Lawsuits were filed against Capital One and its employees in federal{{Cite web|url=https://topclassactions.com/lawsuit-settlements/privacy/data-breach/911181-capital-one-class-action-filed-over-data-breach/|title=Capital One Class Action Filed Over Data Breach|date=August 1, 2019|website=Top Class Actions|language=en-US|access-date=February 28, 2020}} and circuit courts, led by the firms Colson Hicks Eidson, Franklin D. Azar and Associates P.C., and several others.{{Cite web|url=https://www.colson.com/colson-hicks-eidson-files-class-action-lawsuit-against-capital-one-for-negligence-in-massive-data-breach/|title=Colson Hicks Eidson Files Class Action Lawsuit Against Capital One For Negligence In Massive Data Breach|date=August 16, 2019|website=Colson Hicks Eidson|language=en-US|access-date=February 28, 2020}}{{Cite web|url=https://www.fdazar.com/practice-areas/class-action/capital-one-data-breach/|title=CAPITAL ONE (DATA BREACH)|website=Franklin D. Azar and Associates P.C.|language=en-US|access-date=December 14, 2021}}

Additional lawsuits were filed against both Amazon and GitHub, alleging they were aware of the exploit but did not act to fix or patch the vulnerability.{{Cite web|url=https://www.newsweek.com/github-lawsuit-capital-one-hack-1452392|title=GitHub "actively encourages" hacking, suit filed against company after Capital One hack says|first=Daniel|last=Moritz-Rabson|date=August 2, 2019|website=Newsweek|language=en|access-date=February 28, 2020}}

Two consumer class action lawsuits filed against Capital One in Virginia were reported in July 2024. A suit related to its acquisition of ING Direct USA, in 2012, claimed that, since February 2013, the company unfairly maintained 360 Savings online savings account as a higher yield rate than was available to its other depositors.Mullen, Caitlin [https://www.bankingdive.com/news/capital-one-possible-cfpb-enforcement-action-savings/731765/ "Capital One warns of possible CFPB enforcement action"] Banking Dive, November 1, 2024. Retrieved November 4, 2024. Later that month, a proposed consumer class action was also filed, in a bid to block a merger with Discover Financial, claiming that the acquisition would be in violation of federal antitrust laws.

In 2015 the bank disclosed that it was under federal investigation for bank fraud, money laundering, and possible racketeering charges. No further information was given and government investigators would only confirm that it was under scrutiny for "unspecified charges".{{Cite news|last=Andriotis|first=AnnaMaria|url=https://www.wsj.com/articles/capital-one-discloses-probe-into-anti-money-laundering-program-1487891834|title=Capital One Discloses Probe Into Anti-Money Laundering Program|date=February 24, 2017|work=The Wall Street Journal|access-date=February 28, 2020|language=en-US|issn=0099-9660}}

In 2018, Capital One was fined $100 million for failure to monitor, detect, and prevent money laundering.{{Cite news|url=https://www.reuters.com/article/us-capital-one-bank-moneylaundering-idUSKCN1MX2LN |title=Capital One Bank fined $100 million over money-laundering controls |date=October 23, 2018|publisher=Reuters |access-date=February 28, 2020|language=en}} Charging documents{{Cite web|url=https://www.occ.treas.gov/news-issuances/news-releases/2018/nr-occ-2018-112.html|title=OCC Assesses $100 Million Civil Money Penalty Against Capital One|date=October 23, 2018|publisher=occ.treas.gov |language=en-US|access-date=February 28, 2020}} specified Capital One failed to file suspicious activity reports, had deficiencies in its risk assessment, remote deposit capture and generally had weaknesses that compromised national bank security controls. The bank was the subject of a larger investigation that alleged funds were siphoned out of US jurisdiction to safe havens.

In January 2021, Capital One was fined $390 million by FINCEN for anti-money laundering control failure concerning a now-defunct small portfolio of check-cashing businesses that Capital One acquired around 2008 and subsequently exited from in 2014. Capital One later admitted that it failed to file thousands of suspicious activity reports and lapsed on filing currency transaction reports on around 50,000 reportable cash transactions valued around $16 billion.{{Cite web|title=Capital One Fined Millions for Ineffective Money-Laundering Protection|url=https://www.investopedia.com/capital-one-fined-millions-for-ineffective-money-laundering-protections-5097168|access-date=October 3, 2021|website=Investopedia|language=en}}{{Cite web|title=FinCEN Announces $390,000,000 Enforcement Action Against Capital One, National Association for Violations of the Bank Secrecy Act {{!}} FinCEN.gov|url=https://www.fincen.gov/news/news-releases/fincen-announces-390000000-enforcement-action-against-capital-one-national|access-date=October 3, 2021|website=www.fincen.gov}}

In January 2025, the Consumer Financial Protection Bureau sued Capital One for cheating savings account holders out of $2 billion by "deceptive, abusive and illegal" practices which obscured the difference between the high-interest "360 Performance Savings" accounts vs. low-interest "360 Savings" accounts.{{cite news |url=https://www.nytimes.com/2025/01/14/business/capital-one-cfpb-lawsuit.html |newspaper=The New York Times |author=Rob Copeland |date=January 14, 2025 |title=Capital One Is Accused of Cheating Customers Out of $2 Billion}} In February 2025, shortly after Donald Trump became president, the CFPB dropped its lawsuit against Capital One.{{Cite news |last=Wamsley |first=Laurel |date=2025-02-27 |title=The CFPB drops its lawsuit against Capital One, marking a major reversal |url=https://www.npr.org/2025/02/27/nx-s1-5311561/cfpb-confirmation-mckernan-lawsuits-capital-one |work=NPR |language=en}}

{{Unreferenced section|date=February 2024}}

• Capital One Tower (McLean, VA) - company headquarters
• Trent House (Nottingham, England) - Europe headquarters
• Capital One West Creek (Richmond, VA)
• 7933 Preston Road Plano (Dallas, TX)
• Place St. Charles (New Orleans, LA)
• 77 West Wacker Drive (Chicago, IL)
• 299 Park Avenue (New York, NY){{cite web |url=https://www.capitalonecareers.com/new-york |title=New York, New York |publisher=Capital One Careers |url-status=live |archive-url=https://web.archive.org/web/20230927204620/https://www.capitalonecareers.com/new-york |archive-date=Sep 27, 2023 |access-date=Feb 20, 2024 }}
• 114 Fifth Avenue (New York, NY)
• 11 W 19th Street (New York, NY)
• 314 Main Street (Boston, MA)
• 675 Ponce De Leon Ave NE (Atlanta, GA)
• 201 Third Street (San Francisco, CA)
• 1735 Market Street (Philadelphia, PA)
• 802 Delaware Ave, Wilmington DE{{cite news |last1=Mordock |first1=Jeff |title=Capital One to remain in Wilmington; will consolidate space |url=https://www.delawareonline.com/story/money/2017/04/24/capital-one-remain-wilmington-consolidate-space/100842448/ |access-date=20 February 2024 |work=Delaware Online |date=24 April 2017}}

{{Reflist}}

{{Commons category}}

• {{Official website}}
• {{Official website|https://www.capitalone.ca/}} (Canada)
• {{Official website|http://www.capitalone.co.uk/}} (United Kingdom)

{{Finance links

| name = Capital One Financial Corporation

| symbol = COF

| google = COF:NYSE

| yahoo = COF

| bloomberg = COF:US

| sec_cik = 927628

}}

{{Authority control}}

{{Portalbar|Banks|Virginia|Companies|Money}}

Category:Banks based in Virginia

Category:American companies established in 1994

Category:Banks established in 1994

Category:1994 establishments in Virginia

Category:Companies based in McLean, Virginia

Category:Companies based in Richmond, Virginia

Category:Companies listed on the New York Stock Exchange

Category:Corporate spin-offs

Category:1994 initial public offerings