Capital One / HSBC Credit Card Unit Acquisition


Background on Capital One Acquisition of HSBC Credit Card UnitTA button
Join the National Community Reinvestment Coalition and our members and allies across the country in requesting that the Office of the Comptroller of the Currency extend the comment period and hold hearings on the Capital One Financial Corporation’s proposal to acquire HSBC’s credit card unit.
Capital One targets modest-income borrowers for their high-interest rate products with low limits and high over-limit fees. They aggressively market subprime credit cards to consumers, increasing their marketing budget by 300% last year. Additionally, Capital One has replaced traditional, low-interest, small business loans with high-priced, small business credit cards.  This leaves small business owners open to abuse by the bank because these cards are not subject to basic consumer protection laws that prohibit outrageous and expensive terms, fees and practices. Their business model creates a strong incentive to find new ways to trick and trap consumers into paying more by targeting them for high-interest rates and charging excessive fees.

 

Please let your voice be heard as soon as possible.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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