The Office of the Comptroller of the Currency Assesses $80 Million Civil Money Penalty Against Capital One
The Office of the Comptroller (OCC) has issued an $80 million civil penalty against Capital One, N.A., and Capital One Bank (USA), N.A. and mandated them to strengthen their compliance programme by appointing a compliance committee and developing comprehensive action plan to comply with the order. This decision is the result of failing to establish effective risk assessment processes prior to migrating significant information technology operations to the public cloud environment and the bank's failure to correct the deficiencies in a timely manner. In taking this action, the OCC positively considered the bank's customer notification and remediation efforts … Continue reading >
