Capital One is pursuing yet another deal that would potentially harm communities. The bank is trying to acquire HSBC’s credit card portfolio, creating the largest subprime credit card business in the country. Capital One’s business is highly concentrated in risky subprime credit card loans, and this acquisition would make the institution pose even more risk to the financial system.

 

What can you do? The National Community Reinvestment Coalition has put together a fact sheet with important information about the proposed deal. After reviewing the fact sheet, you can:

 

Advocate for an extended comment period and public meetings regarding Capital One’s proposed acquisition of HSBC’s credit card portfolio

o Our communities need more time to make their concerns known to the Office of the Comptroller of the Currency.

o Send a letter to the OCC opposing this deal – we have until November 7th. You can use NCRC’s template or write your own.

o We are asking for an extension of the comment period for 60 days beyond November 7 and for public hearings

o Send this email on to your networks, neighbors, and friends.

 

For more information, please contact Tom Feltner at 312-368-0310 or tfeltner@woodstockinst.org.

Photo courtesy of Stuart Dootson through a Creative Commons license.