Capital One

Capital One cuts card spending limits amid impasse in jobless aid


Some customers have complained of limits being slashed by one-third to two-thirds, eroding their ability to borrow in an emergency during a pandemic or potentially hurting their credit scores.


Navy Federal snags Capital One finance exec as CFO


John Collins comes to the credit union industry after spending 20 years in a variety of roles at the national bank, including helping integrate two acquisitions.


Capital One fine is latest wake-up call for banks using the cloud


A year-old data breach, which earned the company an $80 million OCC penalty this week, continues to offer lessons to banks as they put more sensitive information in the hands of cloud vendors.


Capital One to pay $80M in connection with massive data breach


Regulators found fault with the bank’s cloud migration efforts in the years that preceded a 2019 hacking incident.


Wells Fargo extends work from home until at least Oct. 1


“We do not yet know when we’ll return to a more traditional operating model,” a company spokesperson said.


Cracks begin to show in multifamily lending


Delinquencies have been ticking up since the start of the coronavirus pandemic and Capital One is warning of more pain unless the government provides additional relief to tenants and landlords.


Credit card lenders clamp down to mitigate coronavirus risk


Since March, issuers have tightened their criteria for opening new accounts and closed millions of existing ones in hopes of avoiding waves of defaults.


Capital One to keep most staff home until at least September


The lender’s offices in the U.S., Canada and the U.K. will remain shut to all non-essential staff at least through the Labor Day holiday on Sept. 7, CEO Richard Fairbank wrote in an internal memo.


How the pandemic has upended banks’ marketing


Many banks are slashing their spending. Others are changing their messaging strategies. And those that banks partner with pro sports teams are stuck in limbo, since it remains unclear when games will resume.


Fitch downgrades seven consumer lenders, including Amex, Capital One


Ally, Synchrony, Discover, Sallie Mae and Navient are the other lenders the ratings firm downgraded, citing the impact that the coronavirus crisis is having on their revenues and profits.