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Well… I read it. And I’ve gotta say, that sounds like a blatant violation of Regulation Y, the requirement that bank holding companies engage only in, “The busi

Well… I read it. And I’ve gotta say, that sounds like a blatant violation of Regulation Y, the requirement that bank holding companies engage only in, “The business of banking.” There are lots and lots of activities that fall under that umbrella, but enterprise B2B software sales isn’t one of them. CapOne may be too big to fail, but it’s not too big to receive a C

O__________O 4y ago
>> “ Regulation Y also describes transactions for which bank holding companies must seek and receive the Federal Reserve’s approval.” My reading of Reg Y is if Capital One got approval from the Fed, it’s fine for them as a bank holding company to engage in a nonbanking activity. Am I missing something? ___________ Source: https://www.frbsf.org/banking/regulation/regulations-policies-guidance/reg-y/ https://www.frbsf.org/banking/regulation/regulations-policie...
orangepurple 4y ago
Which Capital One is breaking Regulation Y? Capital One Bank (USA) N.A. — Currently offers a wide variety of credit card products, other lending products, and deposit products. Capital One, N.A. — Offers a broad spectrum of banking products and financial services to consumers, small businesses, and commercial clients, including traditional banking products through an extensive branch network in Connecticut, the District of Columbia, Louisiana, Maryland, New Jersey, New York, Texas, and Virginia. Capital One Auto Finance, Inc. — Offers automobile financing products. Capital One, N.A., Member FDIC Capital One, National Association Capital One Bank Capital One Bank, N.A. Capital One Bank, National Association Capital One Bank (USA) Capital One Financial Corporation Capital One Home Loans LLC Capital One Services, LLC Capital One Settlement Services, LLC
- hammock 4y ago
  Must be fun to be an accountant at these places
eyphka 4y ago
Agreed, I don't understand how this doesn't immediately violate Reg Y.

O__________O 4y ago

>> “ Regulation Y also describes transactions for which bank holding companies must seek and receive the Federal Reserve’s approval.” My reading of Reg Y is if Capital One got approval from the Fed, it’s fine for them as a bank holding company to engage in a nonbanking activity. Am I missing something? ___________ Source: https://www.frbsf.org/banking/regulation/regulations-policies-guidance/reg-y/ https://www.frbsf.org/banking/regulation/regulations-policie...

orangepurple 4y ago

Which Capital One is breaking Regulation Y? Capital One Bank (USA) N.A. — Currently offers a wide variety of credit card products, other lending products, and deposit products. Capital One, N.A. — Offers a broad spectrum of banking products and financial services to consumers, small businesses, and commercial clients, including traditional banking products through an extensive branch network in Connecticut, the District of Columbia, Louisiana, Maryland, New Jersey, New York, Texas, and Virginia. Capital One Auto Finance, Inc. — Offers automobile financing products. Capital One, N.A., Member FDIC Capital One, National Association Capital One Bank Capital One Bank, N.A. Capital One Bank, National Association Capital One Bank (USA) Capital One Financial Corporation Capital One Home Loans LLC Capital One Services, LLC Capital One Settlement Services, LLC

hammock 4y ago
Must be fun to be an accountant at these places

eyphka 4y ago

Agreed, I don't understand how this doesn't immediately violate Reg Y.