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Federal Reserve Board issues enforcement action with Capital One Financial Corporation

Oliver Scroop

September 7, 2020

The Federal Reserve Board on Thursday announced a cease and desist order against Capital One Financial Corporation of McLean, Virginia. The enforcement action is the result of a significant data breach from March 2019 at the firm’s national bank subsidiaries affecting the personal information of Capital One credit card customers and applicants for credit card products.

The Board supervises the bank holding company and is requiring it to enhance its risk-management program and related governance and controls, specifically around cybersecurity and information security. The Board’s action is being taken in conjunction with a separate action against the national bank, which is overseen by the Office of the Comptroller of the Currency.

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