Capital One Financial Corp. on Dec. 24 resubmitted its capital plan for the 2017 Comprehensive Capital Analysis and Review process.
The board of the McLean, Va.-based bank reduced its buyback plan to up to $1.0 billion for the remaining of the 2017 CCAR period, which will end on June 30, 2018.
The reduction from $1.85 billion was due to the estimated near-term negative impact of the recently passed tax law. Mostly because of a decrease in value of the company's deferred tax asset, the law was projected to cause a charge of about $1.9 billion against Capital One's net income.
On June 28, the Federal Reserve said Capital One's CCAR submission exhibited "material weaknesses," particularly in the oversight and execution of its capital planning.