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After bank mergers comes ‘big work’ of integration
Looser antitrust enforcement under Trump is expected to fuel more bank mergers, reshaping Virginia’s banking landscape.
Capital One $425 million depositor settlement wins preliminary approval after earlier rejection
NEW YORK, Jan 12 (Reuters) – A federal judge granted preliminary approval on Monday to Capital One‘s revised $425 million class action settlement with depositors who said they were cheated out of high interest rates, two months after an earlier accord was rejected. U.S. District Judge David Novak in Alexandria, Virginia, ruled after Capital One […]
FDIC files counterclaim against Capital One in special assessment case
This week the Federal Deposit Insurance Corp. filed a counterclaim against McLean-based bank Capital One, National Association, which is suing the FDIC for its 2023 special assessment of $474 million against the bank.
Virginia CEO compensation continues climbing
Virginia CEOs earned an average $10.17M in 2024, with Capital One’s Richard Fairbank leading the list at nearly $30M.
Capital One $425 million settlement with depositors should be rejected, US states say
Eighteen states say Capital One’s $425M settlement cheats savers, letting the bank avoid $2.5B in payouts on high-interest accounts.
Virginia employers face new costs from Trump’s $100k H-1B visa fee
Trump’s $100K H-1B visa fee sows uncertainty for employers, universities and immigrant advocates, including entities in Virginia.
Banking | Finance 2025: FAIRBANK, RICHARD
After earning an economics degree and an MBA from Stanford University, Fairbank landed at Virginia’s Signet Bank, where he co-created the business that became Capital One, the Fortune Global 500 credit card giant. Fairbank became CEO in 1994 during Capital One’s initial public offering. In 2024, the bank reported $39.1 billion in revenue, a 6.3% […]
$35B Capital One-Discover merger closes
McLean-based Capital One Financial completed its $35.3 billion acquisition of Discover Financial Services in May, finalizing the merger of the credit card giants announced last year. On April 18, Capital One received approval from the Federal Reserve and the Office of the Comptroller of the Currency to purchase Illinois-based Discover. The deal was announced in […]
Capital One proposes $425M lawsuit settlement
On Friday, just before closing the $35.3 billion acquisition of Discover Financial Services, Capital One Financial came to settlement terms with customers who were suing the McLean bank. If the agreement is approved by a federal judge, Capital One will pay $425 million to plaintiffs.
UPDATE: $35B Capital One-Discover merger closes
McLean-based Capital One Financial is scheduled to close on its $35.3 billion acquisition of Discover Financial Services on Sunday, finalizing the merger of the credit card giants announced last year.
Capital One $35B purchase of Discover Financial gets regulatory approvals
NEW YORK (AP) — The pending merger between Northern Virginia-based Capital One and Discover Financial services received approval from several regulators Friday, bringing the $35 billion tie-up closer to completion. The Federal Reserve and the Office of the Comptroller of the Currency signed off on the deal, which was first announced in February 2024. The Federal […]
Trump family business sues Capital One for closing accounts in 2021
Just after Capital One escaped a federal watchdog lawsuit that was suddenly dropped last month, it’s back in legal hot water, this time courtesy of President Donald Trump‘s family business. On March 7, multiple entities connected with the Trump Organization sued the McLean-based bank for terminating more than 300 Trump Organization bank accounts following the Jan. […]
