California's Attorney General Edmund G. Brown, Jr. has been trying to investigate Capital One's shady business practices for quite some now to see if they violated California's false advertising and unfair business practices laws.
He has "substantial concerns" about their credit card practices.
In an attempt to impede his investigation and stop him from examining their records, Capital One did something really sneaky.
They changed their company charter. They converted their Virginia company charter to a national charter.
By doing this, they can claim that since they are a national bank, the California Attorney General has no right to investigate them, examine their records, or enforce any laws against them. As a national bank, only the U.S. Office of the Comptroller of the Currency has those powers.
So based on this, Capital One actually filed suit asking a court to declare that the Attorney General can no longer investigate them.
Just forget about the fact that Capital One didn't change it's company charter until nearly a whole 18 months after Attorney General Brown first asked for information from them related to his investigation.
You know they have something to hide!
They're shady, they're sneaky and they suck!
Changing their charter to national should not impeded laws previously broken when they were state chartered. Capital One may try, but they can only delay, not stop investigations into their business practices - especially criminal ones. Besides that, everyone should watch for and join in on any class action lawsuits filed against Capital One.
Posted by: Fed Up With Capital One | Friday, June 27, 2008 at 06:38 PM
Nicole you could not have spoken more truer words...thumbs up and keep on blogging...make it a profitable one.
See You @ The Top,
Brent Mann
BPI Worldwide "Bio Petro Improver" Regional Manager Florida
http://www.millions.mybpi.com
Posted by: Brent Mann | Saturday, May 10, 2008 at 06:04 AM