Capital One Financial spends $365,000 in 2nd quarter to lobby government on credit card reform

Tuesday, August 24, 2010

Capital One spent $365K on lobbying in 2nd quarter

NEW YORK — Capital One Financial Corp. spent $365,000 in the second quarter to lobby the federal government on credit card reform and other issues, according to a disclosure report.

That’s down 14 percent from the $425,000 that Capital One spent in the year-ago period, and slightly less than $380,000 the company spent in the first quarter of 2010.

The bank lobbied the federal government on provisions related to credit card practices in the credit card reform law. It also raised issues surrounding financial regulatory reform and the creation of a consumer financial protection agency.

Overdraft fees and other proposed banking regulations regarding savings and checking accounts, auto loans and mortgage reform and foreclosure prevention were a key part of the McClean, Va.-based bank’s agenda.

Capital One lobbyists also addressed proposed restrictions on the use of personal data and privacy, modifications to the bankruptcy code and proposed changes to the tax code, according to the report filed on July 19.

In the April-to-June period, the company lobbied Congress, the White House, the Treasury Department, the Federal Reserve and the Office of the Comptroller of the Currency, according to the report filed with the House clerk’s office.

Capital One also lobbied Congress regarding laws related to patent reform.

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