Capital One Financial reported a 60% rise in fourth-quarter profit on Tuesday, as a higher income from interests helped the consumer lender. Consumer spending has remained strong on hopes of a soft landing for the economy and falling interest rates,
Capital One Financial Corp. posted a higher fourth-quarter profit as net interest margins widened and credit-card loans increased.
Capital One had a major service outage last week that left many without access to their accounts. Now, it also faces a lawsuit from CFPB.
"Guess I'll be eating ramen again tonight," tweets one customer on third day of issues linked to a data-center power outage.
A “technical issue” of a third-party vendor that Capital One uses is affecting some of the bank’s customers to access deposits and other services.
The company said a technical issue with a third-party vendor was to blame for a disruption with deposits and payment processing that stretched into the weekend.
An outage affecting Capital One customers dragged into its second day Friday, further preventing some customers from accessing deposits, payments and transfers. In an afternoon statement, the bank said it was still restoring systems that had been taken offline due to a technical issue with a third-party vendor.
The CFPB is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts.
"Efficiency was never the objective function," CEO Richard Fairbank said Tuesday. "It was one of the many benefits of a tech transformation."
As officials and dignitaries crowd into the Capitol Rotunda for the inauguration, thousands of Trump supporters have crowded into Washington's Capital One Arena for a watch party.
Thousands of Capital One users are still reporting issues of the financial corporation being down, impacting direct deposit and other services.