Capital One Financial is a financial services company whose products and services include consumer and commercial banking and credit card services, and mortgage and other financial services, including auto loans. According to Fortune 500’s annual ranking for 2008, Capital One Financial is the seventh largest commercial bank in the U.S. and the 130th largest overall U.S. corporation.

As one of the country’s largest credit card companies, Capital One Financial recently joined forces with other such financial entities to ask the federal government to construct a consumer credit card debt forgiveness program to help stem the tide of losses due to unpaid credit card debt. That request was denied. These losses are affecting the earnings of credit card companies, and helping to constrict the extension of consumer credit. This constriction is particularly troublesome for small businesses, as lending is curtailed to help banks cover the losses on defaulted credit card payments.

On November 14, 2008, Capital One received $3.6 billion under the Capital Purchase Program; the company returned the funds in full on June 9, 2009.

10-16-2008 Capital One Financial Third Quarter Earnings

3-11-2008 Capital One Financial 2008 Proxy Statement

2-29-2008 Capital One Financial 2007 Form 10-K

1-1-2008 Capital One Financial 2007 Annual Report

USAspending.gov (last accessed 03/26/2009)
 

►Lobbying reports (if any)

►Political Contributions

Center for Responsive Politics  (Last Accessed 11/13/08).

►Related Articles

November 12, 2008 Regulators nix credit card debt forgiveness plan (AP)

November 11, 2008 Capital One Worries About Tighter Credit-Card Rules (bnet.com)

November 10, 2008 No-confidence vote: Investors bail on financial stocks again (LA Times)

October 29, 2008 Capital One's ratings affirmed by Moody's (AP/Forbes.com)

October 29, 2008 For Credit Card Lending Woes, Watch Capital One (bnet.com)

October 28, 2008 Credit Card Losses Sting Banks; Borrowers Face Tougher Terms (Investor’s Business Daily)

October 27, 2008 New Jersey auto dealers face tough times as credit dries up (tradingmarkets.com)

October 20, 2008 Capital One: Master of Its Domain (Motley Fool)

October 16, 2008 Capital One Financial Corporation Q3 2008 Earnings Call Transcript (soundmoneytips.com)

Bailout Bank Bio: Capital One Financial Corp
 

Last Updated May 21, 2009