The bank’s disclosure of an impending enforcement action shows that the CFPB continues to crack down on aggressive practices that got Wells Fargo in hot water.
Gill Haus oversaw efforts to transform Capital One from a bank to a software company by upgrading legacy technologies, moving systems to the cloud and experimenting with different ways of using data.
The decline in net interest income combined was among the reasons why year-over-year profits at the U.S. operations fell for the first time since 2012.
As the COVID-19 virus spreads globally, many U.S. financial institutions are said to be taking steps to protect employees and minimize disruption. But only a handful are sharing specifics, to avoid contributing to any public panic.
Under CEO Charlie Scharf, the bank that has historically viewed itself as more Main Street than Wall Street is becoming deeply embedded in the nation’s financial capital and its hard-charging culture.
The ten-digit penalty marks an important milestone for the bank, but individual ex-bankers may still be at risk and grueling hearings lie ahead for current leadership.
A deferred-prosecution agreement with the Justice Department spares the bank a potential criminal conviction — provided it cooperates with continuing probes and abides by other conditions.
