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!