Some experts have expressed concern over the way that one of the nation's top handlers of credit card debt is attempting to take over a major online banking business, but the lender says its focus will remain on issuing cards.
Capital One Financial says that its recent move to acquire ING's U.S. online banking unit will not affect its credit card accounts, according to a report from Reuters. In addition, the lender believes that because the credit card market has shrunken over the last few years – the size of its portfolio has dipped 25 percent since 2008 – the move will have little impact for the broader economy.
"This product diversification, combined with our conservative and industry-leading underwriting capabilities, helped make us one of only two credit card businesses not to lose money in any quarter during the Great Recession," John Finneran, general counsel for Capital One, told the Federal Reserve Board, according to the news agency.
Consumers have also been working rigorously to reduce debt and curb instances of delinquent and defaulted accounts in the months since the recession ended, putting the company and others like it on better financial footing.