Monday, 27 April 2015
Last updated 2 hours ago
Nov 29 2011 | 11:19am ET
Capital One Financial isn't sweating the Volcker rule.
The bank will sell or restructure some $150 million in hedge fund and private equity investments to come into compliance with the new regulation, which will severely restrict banks from investing in or owning alternative investment funds.
Unlike many banks, McLean, Va.-based Capital One doesn't have specialist hedge fund or private equity units. The $150 million in investments came through acquisitions of other lenders.
In a letter to the Securities and Exchange Commission in July, made public yesterday, Capital One said that complying with the Volcker rule will not have a "material affect."
"We expect to be required under the Volcker rule to dispose of certain investments in private equity or hedge funds acquired with our past bank acquisitions," Capital One told the SEC, spurred by an SEC inquiry earlier in July. "We are considering options to exit or restructure these investments."
The SEC said told Capital One in October that it had completed the review that led to the July 19 letter, asking the bank about how it expected the Volcker rule to affect it.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…