Remarks of Preeti Vissa, The Greenlining Institute Capital One Financial Corporation’s Proposed Acquisition of ING Bank, FSB
October 5th, 2011
Capital One is a credit card company masquerading as a bank and is now the largest subprime credit card lender in the US.
Californians do not need another large subprime lender. Capital One is notorious for targeting vulnerable borrowers, particularly within immigrant communities, with cards that have high interest rates and low credit limits. The moment consumers fall behind on their payments, Capital One piles on late fees and raises interest rates. As a result, cards that were meant to build credit end up destroying it.
Click here to read testimony for Capital One Hearing.