traded as nyse cof s & p 500 component industry financial services founded july 27 1994 ; 22 years ago 1994 07 27 richmond virginia u.s. 1 founder richard fairbank nigel morris headquarters tysons corner virginia united states mclean mailing address 2 key people richard fairbank chairman president and ceo stephen s. crawford cfo 3 products retail banking credit cards loans savings revenue us 25.038 billion 2015 4 operating income us 6.23 billion 2015 4 net income us 4.05 billion 2015 4 total assets us 334.048 billion 2015 5 total equity us 47.284 billion 2015 4 number of employees 45 400 2015 4 website www.capitalone.com capital one bank in wake village texas capital one financial corporation is an american bank holding company specializing in credit cards home loans auto loans banking and savings products . capital one is the eighth largest bank holding company in the united states when ranked by assets and deposits . 6 the bank has 812 branches 6 including 10 caf style locations for its capital one 360 brand 7 and 2 000 atms . capital one financial is ranked 112 on the fortune 500 8 and also conducts business in canada and the united kingdom . the company helped pioneer the mass marketing of credit cards in the 1990s and as of 2003 it was the fourth largest customer of the united states postal service . 9 its corporate offices are located in tysons corner virginia . 10 in 2015 62 % of the company s revenues were from credit cards 28 % was from consumer banking and 10 % was from commercial banking . 4 contents 1 history 1.1 monoline credit card company 1994 2004 1.2 expansion into retail banking 2005 present 1.3 2014 terms of service 2 divisions 2.1 capital one auto finance 2.2 capitalone 360 2.3 capital one national direct bank 2.4 level money 2.5 divisions in canada and the united kingdom 3 sports marketing 4 experiments and agreements 4.1 usps agreements 4.2 isis mobile wallet payment 4.3 clearxchange 4.4 decoupled debit card 5 charity 6 see also 7 references 8 external links history edit monoline credit card company 1994 2004 edit capital one retail footprint on july 27 1994 richmond virginia based signet financial corp announced the spin off of its credit card division oakstone financial naming richard fairbank as ceo 11 signet banking corp is now part of wells fargo . signet renamed the subsidiary capital one in october of that year . 12 the spinoff was concluded february 28 1995 making capital one fully independent . 13 unlike other diversified financial services firms capital one began as a monoline meaning the vast majority of its business was in consumer lending particularly credit cards . remaining a monoline is risky as it can be very profitable industry in good times and markedly unprofitable in bad . most consumer lending monolines in the past twenty years have either gone out of business e.g. the money store nextcard royal acceptance or have been acquired e.g. mbna beneficial first usa ; capital one is notable for having experienced neither . 14 15 capital one attributed its relative success as a monoline to its use of data collection to build demographic profiles allowing it to target personalized offers of credit direct to consumers . 15 16 in 1999 capital one was looking to expand beyond credit cards . ceo richard fairbank announced moves to use capital one s experience with collecting consumer data to offer loans insurance and phone service . 17 expansion into retail banking 2005 present edit while many other monolines were acquired by larger diverse banks capital one expanded into retail banking with a focus on subprime customers . this was accomplished through the acquisition of several retail banks . capital one acquired new orleans louisiana based hibernia national bank in 2005 melville new york based north fork bancorporation 18 19 and chevy chase bank in 2008 . 20 21 during the 2007 subprime mortgage financial crisis capital one closed its mortgage platform greenpoint mortgage due in part to investor pressures . 22 23 capital one financial corporation received us 3.56 billion from the emergency economic stabilization act of 2008 . 24 25 on june 17 2009 capital one finished buying back the stock the company issued to the u.s. treasury paying a total of us 3.67 billion . 26 the u.s. securities and exchange commission has criticized capital one s conduct during the crisis claiming that the company failed to provide accurate reporting of the losses they incurred . capital one was required to pay 3.5 million in penalty but has not been required to directly address the allegations of wrongdoing . 27 in june 2011 ing announced the sale of its american ing direct division to capital one for cash and shares worth us 9 billion . 28 on august 26 2011 the federal reserve board of governors announced it would hold public hearings on the capital one acquisition of ing direct and extend to october 12 2011 the public comment period that had been scheduled to end august 22 . 29 the move came amidst rising scrutiny of the deal on systemic risk or too big to fail performance under the community reinvestment act and pending legal challenges . a coalition of national civil rights and consumer groups led by the national community reinvestment coalition were joined by rep. barney frank to challenge immediate approval of the deal . the groups have argued that the acquisition is a test of the dodd frank wall street reform and consumer protection act under which systemically risky firms must demonstrate a public benefit that outweighs new risk before they are allowed to grow . kansas city federal reserve bank head thomas m. hoenig was also skeptical of the deal . 30 31 in february 2012 the acquisition was approved by regulators and capital one completed its acquisition of ing direct . 32 capital one received permission to merge ing into its business in october 2012 33 and rebranded ing direct as capital one 360 in november 2012 . 34 in august 2011 capital one reached a deal with hsbc to acquire its u.s. credit card operations . 35 capital one paid us 31.3 billion in exchange for us 28.2 billion in loans and 600 million in other assets . the acquisition was completed by may 2012 . 36 in july 2012 capital one was fined by the office of the comptroller of the currency and the consumer financial protection bureau for misleading millions of its customers such as paying extra for payment protection or credit monitoring when they took out a card . 37 the company agreed to pay 210 million to settle the legal action against them and to refund two million customers . 38 this was the cfpb s first public enforcement action . 39 in august 2014 capital one and three collection agencies entered into an agreement to pay 75.5 million to end a consolidated class action lawsuit pending in the united states district court for the northern district of illinois alleging that the companies used an automated dialer to call customers cellphones without consent which is a violation of the telephone consumer protection act of 1991 . 40 it is notable that this legal action involved informational telephone calls which are not subject to the prior express written consent requirements which have been in place for telemarketing calls since october 2013 . 41 like many other retail banks capital one has been slowly decreasing its number of physical locations . 42 in 2012 the bank closed 41 locations and opened 2 . 43 on july 8 2015 capital announced that it has acquired monsoon a design studio development shop marketing house and strategic consultancy . 44 in august 2015 capital one agreed to acquire general electric co. s healthcare financial services unit for usd 9 billion . the transaction involves usd 8.5 billion of loans made to a wide array of sectors including senior housing hospitals medical offices outpatient services pharmaceuticals and medical devices . 45 in october of 2016 capital one acquired paribus a price tracking service for an undisclosed amount . 46 2014 terms of service edit in 2014 capital one amended its terms of service to create a right for it to contact you in any manner we choose including a personal visit ... at your home and at your place of employment . it also asserted its right to modify or suppress caller id and similar services and identify ourselves on these services in any manner we choose . 47 los angeles times writer david lazarus commented that cap one has made deliberate decisions that seem intended to overreach and intimidate confirming in the eyes of many the company s thoughtlessness and occasional ruthlessness . 48 emily rusch the executive director of the california public interest research group found the company s assertion of a right to spoof caller id particularly disturbing saying now more than ever consumers need to be able to trust companies . 47 capital one spokeswoman pam girardo told the times that the company would not actually make personal visits to customers except as a last resort ... if it becomes necessary to repossess a sports vehicle . 47 capital one also attributed its assertion of a right to spoof as necessary because sometimes the number is displayed differently by some local phone exchanges something that is beyond our control . 49 girardo told the new york times that the company was reviewing the language involved . david lazarus noted that now that a little sunlight has been applied the company is not as comfortable as it previously was with behaving like a total maniac . in the meantime cardholders can make up their own minds . do they want to believe the non binding explanations of a company representative or the legally enforceable language that s currently in their written contracts 47 divisions edit capital one auto finance edit capital one auto financial corporation is the parent company of capital one auto finance company based in plano texas . 50 the company includes summit acceptance corporation which capital one acquired in july 1998 and peoplefirst finance llc which was acquired in october 2001 . the companies were combined and rebranded as capital one auto finance corporation in 2003 . 51 as of 2012 capital one auto finance is the largest internet auto lender as well as one of the top us auto lenders overall . 52 the company which used to sell auto loans only through direct mail and auto dealerships lets auto owners refinance existing auto loans and shoppers apply for new auto loans online . a decision usually comes within 15 minutes after which the buyer receives a blank check for up to the approved auto loan amount which the buyer uses to purchase a car . to the dealership it is as if the buyer were paying cash . the checks can be used to purchase a new or used vehicle or to refinance an existing auto loan with another lender . capitalone 360 edit activities announcing the opening of the capitalone 360 caf in boston . capitalone 360 is an online banking division of capital one . the division originated in a separate company ing direct which was founded in 2000 in wilmington delaware as a brand for a branchless direct bank . in september 2007 ing direct acquired 104 000 customers and fdic insured assets from the failed virtual bank netbank . 53 two months later ing direct acquired online stock broker sharebuilder . 54 55 capital one national direct bank edit this is the online banking services from capital one which used to offer various depository services such as checking accounts and money market accounts . this division of capital one is no longer accepting new customers due to the acquisition of ing direct and the introduction of capital one 360 .