OCC Assesses $80 Million Civil Money Penalty Against Capital One

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News Release 2020-101 | August 6, 2020

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed an $80 million civil money penalty against Capital One, N.A., and Capital One Bank (USA), N.A.

The OCC took these actions based on the bank’s failure to establish effective risk assessment processes prior to migrating significant information technology operations to the public cloud environment and the bank’s failure to correct the deficiencies in a timely manner. In taking this action, the OCC positively considered the bank’s customer notification and remediation efforts. While the OCC encourages responsible innovation in all banks it supervises, sound risk management and internal controls are critical to ensuring bank operations remain safe and sound and adequately protect their customers. The OCC found the noted deficiencies to constitute unsafe or unsound practices and resulted in noncompliance with 12 C.F.R. Part 30, Appendix B, “Interagency Guidelines Establishing Information Security Standards.”

The OCC penalty will be paid to the U.S. Treasury.

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