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The Office of the Comptroller of the Currency (OCC) announced an $80 million civil money penalty against Capital One, N.A., and Capital One Bank (USA), N.A., on August 6, 2020. The regulator cited weaknesses in risk assessment and controls connected to the banks’ move of significant IT operations to the public cloud. The penalty was payable to the U.S. Treasury—not by Capital One customers.
Why did the OCC fine Capital One?
The OCC found that the banks had not established effective risk assessment processes before migrating IT operations to the cloud, with conduct described in the consent order as beginning “in or around 2015.” Its findings also covered cloud risk management, the design and implementation of certain network security controls, data-loss prevention controls, and the handling of alerts. The regulator said the banks failed to correct deficiencies in a timely way.
The order also cited weaknesses in oversight. It said internal audit failed to identify numerous control weaknesses and gaps and did not effectively report identified issues to the Audit Committee. It further said the Board failed to take effective action to hold management accountable on certain concerns.
The OCC characterized the deficiencies as unsafe or unsound practices and as noncompliance with 12 C.F.R. Part 30, Appendix B, the “Interagency Guidelines Establishing Information Security Standards.” The agency’s August 6, 2020 announcement said it positively considered Capital One’s customer notification and remediation efforts.
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What did the $80 million penalty apply to?
The $80 million civil money penalty applied to Capital One, N.A., and Capital One Bank (USA), N.A. The OCC said the money would be paid to the U.S. Treasury. It was a regulatory penalty against the bank entities, not a charge, fee, or payment obligation imposed on customers.
Did Capital One admit the OCC’s findings?
No. The consent order, dated August 5, 2020, states: “The Comptroller finds, and the Bank neither admits nor denies, the following:” The bank consented to issuance of the order and waived specified procedural rights. The order says it became final and effective upon issuance. The OCC’s findings should therefore be distinguished from an admission by the bank.
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What are the dates and current status of the OCC action?
- August 5, 2020: Date on the consent order and the start date listed for the civil money penalty in the OCC enforcement database.
- August 6, 2020: Date of the OCC’s public announcement of the penalty.
- August 31, 2022: The OCC enforcement database lists the related cease-and-desist order as terminated on this date.
The database warns that its records do not necessarily show current status and advises checking whether an order has since been modified or terminated. Its listing alone does not establish that a supervisory restriction remains active. The OCC’s enforcement database is the appropriate place to check the record and any status updates.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the OCC records do—and do not—say about customers
The OCC said it positively considered the banks’ customer notification and remediation efforts. The cited official records do not quantify affected customers or individual losses, so they do not establish how many people were affected or what any particular customer lost. They also do not provide an independent assessment of Capital One’s security posture today.
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