In making a corrective filing in 2008, Fairbank alleged that his filing failure was inadvertent, and he pledged to implement a system to ensure that, going forward, the required HSR notifications would be filed. In 19, Fairbank failed to file under the HSR Act prior to acquiring Capital One Financial voting securities. The maximum civil penalty for an HSR violation is currently $43,792 per day.Īccording to the complaint, Fairbank twice failed to comply with the HSR Act in making filings relating to his multi-million dollar compensation package. It is generally illegal to finalize an acquisition during this investigatory period. The agencies have 30 days after a transaction has been reported to conduct an initial investigation and file a “second request” demand for additional information.

The HSR Act requires companies and individuals to report large transactions over a certain threshold to the FTC and DOJ so that the federal agencies can investigate the deals before they close.

“There is no exemption for Wall Street bankers and powerful CEOs when it comes to complying with our country’s antitrust laws.” “As the CEO of one of America’s largest banks, Richard Fairbank repeatedly broke the law,” said Holly Vedova, Acting Director of the Bureau of Competition. While Fairbank is a repeat filing offender with wrongdoing spanning two decades, today’s FTC order is the first time he has been penalized. The complaint alleges that Fairbank failed to report his sizable stock windfall to federal antitrust authorities and illegally finalized the acquisition before the agencies could investigate. Fairbank’s recent multi-million dollar compensation package included over 100,000 Capital One Financial shares in 2018, which increased his holdings to $168 million. Today, the Federal Trade Commission announced that Richard Fairbank, CEO of Capital One Financial Corp., will pay a $637,950 civil penalty to settle charges that his acquisition of Capital One Financial stock violated the Hart-Scott-Rodino (HSR) Act. About the FTC Show/hide About the FTC menu items.News and Events Show/hide News and Events menu items.Advice and Guidance Show/hide Advice and Guidance menu items.Competition and Consumer Protection Guidance Documents.Enforcement Show/hide Enforcement menu items.Visit Capital One About for more Capital One news. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol 'COF' and is included in the S&P 100 index.

has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including those listed from time to time in reports that Capital One files with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2021.Ĭapital One Financial Corporation ( is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $313.4 billion in deposits and $434.2 billion in total assets as of March 31, 2022. From the home page, select 'About' choose 'Investors' to access the Investor Center, select 'Financials', and then choose 'Capital One Stress Test Results' to view the current summary.Ĭertain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. This summary shows the results of Capital One's modeling of the Federal Reserve's severely adverse scenario. Capital One also posted a summary of the company's stress test results on its website ( ).

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