33 Facts About Capital One


Capital One Financial Corporation is an American bank holding company specializing in credit cards, auto loans, banking, and savings accounts, headquartered in McLean, Virginia with operations primarily in the United States.

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Capital One helped pioneer the mass marketing of credit cards in the 1990s.

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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.

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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.

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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.

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Capital One came up with co-branded, secured, and joint account credit cards.

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In mid-1996, Capital One received approval from the federal government to set up Capital One FSB.

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In 1996, Capital One expanded its business operations to the United Kingdom and Canada.

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In July 1998, Capital One acquired auto financing company Summit Acceptance Corporation.

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In June 2008 Capital One filed a complaint with the USPS regarding the terms of the next agreement, citing the terms of the NSA of Capital One's competitor, Bank of America.

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Capital One subsequently withdrew its complaint to the Postal Regulatory Commission following a settlement with the USPS.

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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.

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In February 2009, Capital One acquired Chevy Chase Bank for $520 million in cash and stock.

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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.

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Capital One received permission to merge ING into its business in October 2012, and rebranded ING Direct as Capital One 360 in November 2012.

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In February 2012, along with several other banks, Capital One announced support for the Isis Mobile Wallet payment system.

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In January 2015, Capital One acquired Level Money, a budgeting app for consumers.

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In 2015, Capital One closed several branch locations to leave 174 operating branches in the D C metro area.

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In 2015, Capital One acquired General Electric's Healthcare Financial Services unit, which included $8.

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In October 2016, Capital One acquired Paribus, a price tracking service, for an undisclosed amount.

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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.

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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.

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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.

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Capital One sponsored the EFL Cup, an English Soccer Competition, from 2012 to 2016.

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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.

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Capital One agreed to pay $210 million to settle the legal action and to refund two million customers.

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Capital One 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'".

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Capital One began offering free credit monitoring services to those affected by the breach.

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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 web application and not the underlying cloud-based infrastructure".

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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.

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Relative to other large banks, Capital One has received fewer sanctions or default judgments against it.

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In 2018, Capital One was fined $100 million for failure to monitor, detect, and prevent money laundering.

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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.

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