In Capital One’s TV ads, hordes of Vikings and Visigoths are easily beaten back by one of the bank’s credit cards. But general counsel John Finneran Jr., has an even better defense: his words.
In January, Finneran appeared before the Senate Committee on Banking, Housing and Urban Affairs. He vigorously defended Capital One against allegations that credit card companies target high-risk customers and are to blame for record consumer debt. He was the only GC to appear at the hearings — Barclays Bank Delaware sent its CEO, and Chase Bank U.S.A.’s card services division dispatched its marketing chief. Finneran told the skeptical senators that Capital One does not use two of the most vilified tricks of the credit card trade, universal default and double-cycle billing, which hit customers with fees even when they make on-time payments. For those who don’t pay in full each month, Finneran testified, Capital One has added “food label-style” disclosures in “plain English” about the risks of high premiums on late payments.
