Capital One / HSBC Credit Card Unit Acquisition

Join the National Community Reinvestment Coalition and our members and allies across the country in requesting that the Office of the Comptroller of the Currency extend the comment period and hold hearings on the Capital One Financial Corporation’s proposal to acquire HSBC’s credit card unit.

Capital One targets modest-income borrowers for their high-interest rate products with low limits and high over-limit fees. They aggressively market subprime credit cards to consumers, increasing their marketing budget by 300% last year. Additionally, Capital One has replaced traditional, low-interest, small business loans with high-priced, small business credit cards.  This leaves small business owners open to abuse by the bank because these cards are not subject to basic consumer protection laws that prohibit outrageous and expensive terms, fees and practices. Their business model creates a strong incentive to find new ways to trick and trap consumers into paying more by targeting them for high-interest rates and charging excessive fees.