The Bank Slate


Capital One freed from reg order tied to data breach

Capital One Financial in McLean, Va., has been freed from a 2020 consent order from the Office of the Comptroller of the Currency. 

The $435 billion-asset company was hit with the order after a 2019 data breach. The order, terminated on Aug. 31, required Capital One to form a compliance committee and pay an $80 million fine.

Capital One also had to provide progress reports detailing efforts to improve its risk management, board accountability and auditing issues. 

“The OCC believes that the safety and soundness of the bank and its compliance with laws and regulations does not require the continued existence of the order,” the agency said in its termination. 

A former Amazon Web Services employee was arrested for allegedly hacking Capital One’s customer data. The company had hired Amazon Web Services to help it migrate it IT operations to the cloud.

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