Capital One Says FDIC Overcharged $150 Million After SVB Bailout

Capital One Financial Corp. is accusing the Federal Deposit Insurance Corp. of overcharging the bank by nearly $150 million to recover costs the regulator incurred bailing out uninsured depositors at Silicon Valley Bank and Signature Bank.

The FDIC is improperly counting an account held by a Capital One subsidiary that assists with credit card securitizations as an uninsured deposit, boosting its special assessment to just over $474 million to replenish the agency’s Deposit Insurance Fund, the bank said in a complaint filed Wednesday in the US District Court for the Eastern District of Virginia.

The FDIC’s determination is based on ...