New York A.G., Capital One Narrow Screening Criteria for Checking Account Applications

Capital One Financial Corp. (COF) will use fewer criteria in its screening process when analyzing applications for basic personal-checking accounts as part of an agreement with New York Attorney General Eric Schneiderman (D).

Under the terms of a memorandum of agreement (MOA), signed June 5-6 and announced by Schneiderman’s office June 16, McLean, Va.-based Capital One no later than Dec. 31 will begin to screen checking-account applicants only to detect past fraud activities when using ChexSystems, a credit bureau operated by Chex Systems Inc. The new screening criteria will not identify applicants who have filed for bankruptcy or failed to ...