trending Market Intelligence /marketintelligence/en/news-insights/trending/V8KikQWJfV5kBuhNKAHTDA2 content esgSubNav
In This List

Capital One resubmits capital plans, expects $1.9B hit from tax changes

Blog

Spotlight on sustainability How banks can overcome the challenges of achieving Net zero by 2050

Blog

Insight Weekly: US election scenarios; borrowing costs rise; commercial REIT fears

Podcast

Street Talk | Episode 100 - KBW CEO offers optimism for bears fearful of bank liquidity, credit

Blog

Insight Weekly: Stocks endure more pain; bank branch M&A slows; debt ratios fall


Capital One resubmits capital plans, expects $1.9B hit from tax changes

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.