Capital One Financial Corp. reported its second straight quarterly profit.
The $169.4 billion-asset McLean, Va., company earned $375.6 million in the fourth quarter, compared to $393.5 million in the third quarter and a $1.4 billion loss a year earlier. For 2009, Capital One earned $319.9 million, compared to a loss of $78.7 million in 2008.
The provision for loan losses fell 28.1% from the third quarter and 59.8% from a year earlier, to $843.7 million.
The two companies continue to tick items off their year-end to-do list, which analysts hope will tee up the merger for finalization in early 2025. Regulatory approval remains a major question.
The industry agenda calls for amending longstanding rules like loan officer compensation, to nixing Biden-era plans trade groups say hurt both consumers and industry players.
The custody bank achieved its goal for the amount of deposits it placed into minority banks and community development financial institutions by the end of the year.
The Consumer Financial Protection Bureau sued Walmart and payment app Branch Messenger, accusing them of illegally opening 1 million deposit accounts and charging $10 million in fees. Branch said the agency refused to engage in any meaningful way about the matter.
Bank of America must overhaul anti-money-laundering protocols and hire third-party consultants, but will not face growth limits, following OCC action for compliance deficiencies.
Releasing the GSEs from government conservatorship is on the agenda for the incoming Trump administration. Doing so could threaten the 30-year fixed rate mortgage.
