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Capital One bank branch in New York
Capital One Financial Corporation is a bank holding company specializing in credit cards, car loans, banking and a savings account headquartered at the Capital One Tower in McLean, Virginia.Capital One is ranked 10th on the list of the largest banks in the United States based on assets. The bank has 755 branches and 2,000 ATMs and 30 cafe style locations. This ranks 101st on the Fortune 500 list, 17th on the list of the 100 Best Companies to Work at Fortune, and runs businesses in the United States, Canada and the United Kingdom. This company helped pioneer credit card marketing in the 1990s. In 2016, it was the fifth largest credit card issuer based on purchase volume, after American Express, JP Morgan Chase, Bank of America, and Citigroup.
With a 5% market share, Capital One is also the second largest car financing bank in the United States, after Ally Financial.
In the fourth quarter of 2018, 75% of the company's revenue came from credit cards, 14% from consumer banking, and 11% from commercial banking.
Capital One Division
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 third largest credit card issuer, after JP Morgan Chase and Citigroup. As of December 31, 2018, Capital One has $107.350 billion in outstanding credit card loans in the United States and $9.011 billion in outstanding credit card loans in Canada and the UK, with total credit cards representing 47.3% of the total unpaid loans .
- Consumer Banking - offers banking services, including checking accounts, savings accounts and money market accounts through its direct branches and banks as well as retail and automatic loans. As of December 31, 2018, the company had $2.864 billion in outstanding retail loans and $56,341 billion in car financing loans, representing 22.9% of the total outstanding loans.
- Commercial Banking - As at 31 December 2018, Capital One has loans worth $70,333 billion guaranteed by commercial, multi-family and industrial properties, representing 28.6% of the total outstanding loans.
Monoline credit card company (1994–2004)
On July 27, 1994, Richmond-based Signet Financial Corp. (now part of Wells Fargo) announced a corporate spin-off from its credit card division, OakStone Financial, appointed Richard Fairbank as CEO. Signet changed its name to a Capital One subsidiary in October 1994. Capital One was fully independent after the spinoff was concluded February 28, 1995.At that time, Capital One was a monoline bank, which meant that all of his income came from one product, in this case, a credit card. This strategy is risky because it can cause losses during difficult times. Capital One attributed its relative success as monoline to the use of data collection to build demographic profiles, which enabled him to target personalized credit offers directly to consumers.
Capital One began operating in Canada in 1996.
Expansion to automatic loans (1998-present)
In July 1998, Capital One acquired a car financing company Summit Acceptance Corporation.In 1999, Capital One wanted to expand outside the credit card. CEO Richard Fairbank announced steps to use the Capital One experience by collecting consumer data to offer loans, insurance and telephone services.
Capital One acquired PeopleFirst Finance LLC in October 2001.
These companies were merged and renamed Capital One Auto Finance Corporation in 2003.
At the end of 2002, Capital One and the United States Postal Service proposed a service agreement that was negotiated for massive discounts on shipping services. The three-year agreement produced was extended in 2006. However, in June 2008, Capital One filed a complaint with USPS regarding the terms of the next agreement, citing the NSA's terms of competitor Capital One, Bank of America. Capital One then withdraws its complaint to the Postal Regulatory Commission after completion with USPS.
In January 2005, the Onyx Acceptance Corporation was acquired by Capital One.
Expansion to retail banking (2005-present)
While many other monoline were acquired by large and diverse banks, Capital One expanded into retail banking with a focus on subprime customers.Capital One acquired Hibernia National Bank based in New Orleans, Louisiana, for $4.9 billion in cash and shares in 2005 and acquired Melville, the New York-based North Fork Bank for $13.2 billion in cash and shares in 2006, which reduced dependence on credit cards 90% to 55%.
In 2007, Capital One bought NetSpend, a prepaid debit card marketer, worth $700 million.
During the 2007 subprime mortgage financial crisis, Capital One closed its mortgage platform, GreenPoint Mortgage, partly because of investor pressure.
In 2008, Capital One received an investment of US $3.56 billion from the United States Treasury as a result of the Problem Assets Assistance Program. On June 17, 2009, Capital One completed the repurchase of shares issued by the company to the US Treasury by paying a total of US $3.67 billion, generating profits of more than $100 million for the US Treasury.
The US Securities and Exchange Commission criticized Capital One's behavior during the crisis, claiming that they underestimated the loss of car loans during the 2007-2008 financial crisis. In 2013, Capital One paid $3.5 million to settle this case, but was not required to directly handle allegations of errors.
In February 2009, Capital One acquired Chevy Chase Bank for $520 million in cash and shares.
In June 2011, ING Group announced the sale of the ING Direct US $9 billion division to Capital One in cash and shares. On August 26, 2011, the Federal Reserve Board of Governors announced that they would hold a public hearing about the acquisition of Capital One from ING Direct, and extend it to October 12, 2011, a period of public comments scheduled to end on August 22. present amid increasing monitoring of systemic risk, or the performance of "Too Large to Fail," under the Community Reinvestment Act, and awaiting legal challenges. A coalition of national civil and consumer rights groups, led by the National Community Reinvestment Coalition, joined the Rep. Barney Frank to challenge the immediate agreement of the agreement. The groups argued that the acquisition was a test for the Dodd-Frank Wall Street Reform and Consumer Protection Act, where systemically risky companies must show public benefits that exceed new risks before they are allowed to grow. Kansas City Federal Reserve Bank chief Thomas M. Hoenig was also skeptical about the agreement. In February 2012, the acquisition was approved by regulators and Capital One completed the acquisition of ING Direct. Capital One received permission to enter ING into its business in October 2012, and changed its name to ING Direct to Capital One 360 in November 2012.
In August 2011, Capital One reached an agreement with HSBC to acquire U.S. credit card operations. Capital One pays US $31.3 billion in return for loans of US $28.2 billion and other assets of US $600 million. This acquisition was completed in May 2012.
On February 26, 2012, together with several other banks, Capital One announced support for the Isis Cellphone Wallet payment system. However, in September 2013, Capital One dropped support for that effort.
In 2012, Capital One closed 41 branch locations.
In 2015, Capital One closed several branch locations so that 174 branches operate in the D.C metro area.
On February 19, 2014, Capital One became the owner of 25% at ClearXchange, a Peer-to-peer transaction money transfer service designed to transfer electronic funds to customers at the same bank and other financial institutions through cellphone numbers or email addresses. ClearXchange was sold to Early Warning in 2016.
In January 2015, Capital One acquired Level Money, a budgeting application for consumers.
On July 8, 2015, the company acquired Monsoon, a design studio, development store, marketing house and strategic consulting.
In 2015, Capital One acquired the General Electric Health Services unit, which included $8.5 billion in loans given to businesses in the health care industry, amounting to $9 billion.
Capital One acquired Paribus, in October 2016. Paribus is a price tracking service, for an undisclosed amount.
Get out of a banking mortgage (2006–2007 and 2011–2017)
In November 2017, Sanjiv Yajnik announced that the mortgage market was too competitive in a low-level environment to make money in business. The company left the mortgage business on November 7, 2017, laying off 1,100 employees. This is the second closing; the first occurred on August 20, 2007, when the GreenPoint Mortgage unit was closed. GreenPoint was acquired in December 2006 when Capital One paid $13.2 billion to North Fork Bancorp Inc. The return to the mortgage industry came in 2011 with the purchase of ING Direct USA online bank.Sports Marketing
Since 2001, Capital One has been the main sponsor of the football campus of the Florida Citrus Bowl, which has been called the Capital One Bowl since 2003. He sponsors mascot challenges every year, announcing winners at the Capital One Bowl. Capital One is one of the three main NCAA sponsors, paying around $35 million per year in return for advertising and access to consumer data. Capital One also sponsors the EFL Cup, the English Football Competition, from 2012 to 2016. The company sponsors Sheffield United F.C. from 2006 to 2008. In 2017, the company became a sponsor of the Capital One Arena in Washington D.C.In 2018, to celebrate Stanley Cupals' second appearance at the Washington Capitals, the company temporarily changed its logo by replacing the word "Capital" with titular logo Capitals, without "s" plural.
Corporate citizenship
Capital One operates a number of charity programs, such as the "No Hassle Giving" web portal, where Capital One covers transaction costs for customer and non-customer donations made through the site. The Committee on Responsibility of the National Committee for Responsive Philanthropy is very critical of the relatively low level of giving Capital One, which states that "The Capital One Philanthropy Track Record is bleak". The organization shows that the Capital One contribution is 0.024% of revenue, far lower than the industry median of 0.11% of income. Capital One has denied the group figures, saying that "... In 2011 alone, our total grant was more than 6 times greater ($30 million) than the amount provided by NCRP".Criticism and legal action
Fines to misleading customers who pay extra for services
In July 2012, Capital One was fined by the Office of the Currency Financial Supervisor and the Consumer Financial Protection Bureau for misleading millions of customers, such as paying extra for payment protection or monitoring credit when they issued cards. The company agreed to pay $210 million to complete legal action and return two million customers. This is the first CFPB public law enforcement action.Automatic call to customer telephone
In August 2014, Capital One and three collection agencies entered into an agreement to pay $75.5 million to terminate a pending class action lawsuit in the United States District Court for Northern Illinois District which states that the company uses automatic dialers to call customers. cellular phone without approval, which is a violation of the Consumer Protection Act Telephone of 1991. It should be noted that this legal action involves information telephone calls, which are not subject to the provisions of the "written written agreement" that has been applied to telemarketing calls. since October 2013.The 2014 Amendment concerning conditions of use to allow for personal visits
In 2014, Capital One changed the terms of use to allow it to "contact you in whatever way we choose", including "personal visits ... in your home and in your workplace." This also confirms its right to "change or suppress caller IDs and similar services and identify ourselves with this service in whatever way we choose." The company stated that it would not actually make a personal visit to the customer except "As a last resort, ... if necessary to recover [a] sports vehicle". Capital One also relates its statement about the right to "spoof" as needed because "sometimes the numbers are 'displayed differently' by 'several local telephone exchanges,' something 'out of our control'".Capital One Holding Company Services.
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