8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

May 14, 2008

Date of Report (Date of earliest event reported)

CAPITAL ONE FINANCIAL CORPORATION

(Exact name of registrant as specified in its chapter)

Delaware	1-13300	54-1719854
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1680 Capital One Drive, McLean, Virginia	22102
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (703) 720-1000

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

The Company hereby furnishes the information in Exhibit 99.1 hereto, Monthly Charge-off and Delinquency Statistics —January 2008 through April 2008, for the months ended January 31, 2008, February 29, 2008, March 31, 2008 and April 30, 2008.

Note: Information in this report (including the exhibit) furnished pursuant to Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD. Furthermore, the information provided in Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

Exhibit	Description
99.1	Monthly Charge-off and Delinquency Statistics — January 2008 through April 2008

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

	CAPITAL ONE FINANCIAL CORPORATION
Dated: May 14, 2008	By:	/s/ Susan R. McFarland
		Susan R. McFarland
		Executive Vice President, Controller

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EXHIBIT INDEX

99.1 Monthly Charge-off and Delinquency Statistics — January 2008 through April 2008

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EX-99.1

Exhibit 99.1

Capital One Financial Corporation

Monthly Charge-off and Delinquency Statistics

As of and for the months ended January 31, 2008, February 29, 2008, March 31, 2008 and April 30, 2008

National Lending Metrics (Managed Basis)

(dollars in thousands)

U.S. Card Metrics	January 2008			February 2008			March 2008			April 2008
Net Principal Charge-Offs	$	345,673		$	314,455		$	342,098		$	342,345
Average Loans Held for Investment	$	69,407,764		$	68,635,480		$	67,585,454		$	67,540,760
Annualized Net Charge-Off Rate		5.98	%		5.50	%		6.07	%		6.08	%
30 Days + Delinquencies	$	3,009,706		$	2,871,007		$	2,723,515		$	2,649,401
Period-end Loans Held for Investment	$	69,080,666		$	68,247,741		$	67,382,004		$	67,874,929
30 Days + Delinquency Rate		4.36	%		4.21	%		4.04	%		3.90	%
Auto Finance Metrics
Net Principal Charge-Offs	$	84,058		$	80,983		$	84,482		$	71,358
Average Loans Held for Investment	$	25,248,955		$	25,079,501		$	24,816,112		$	24,543,256
Annualized Net Charge-Off Rate		4.00	%		3.87	%		4.09	%		3.49	%
30 Days + Delinquencies	$	1,866,516		$	1,505,937		$	1,581,508		$	1,680,642
Period-end Loans Held for Investment	$	25,169,133		$	24,891,932		$	24,633,665		$	24,359,398
30 Days + Delinquency Rate		7.42	%		6.05	%		6.42	%		6.90	%
International Metrics
Net Principal Charge-Offs	$	54,612		$	51,447		$	44,830		$	57,184
Average Loans Held for Investment	$	11,593,069		$	11,333,331		$	11,216,290		$	10,828,673
Annualized Net Charge-Off Rate		5.65	%		5.45	%		4.80	%		6.34	%
30 Days + Delinquencies	$	533,982		$	553,098		$	562,158		$	562,504
Period-end Loans Held for Investment	$	11,432,842		$	11,331,090		$	10,987,733		$	10,813,477
30 Days + Delinquency Rate		4.67	%		4.88	%		5.12	%		5.20	%

Reconciliation to GAAP Measures

Our “managed” consolidated financial statements reflect adjustments made related to effects of securitization transactions qualifying as sales under accounting principles generally accepted in the United States (“GAAP”). We generate earnings from our “managed” loan portfolio which includes both the on-balance sheet loans and off-balance sheet loans. Our “managed” income statement takes the components of the servicing and securitizations income generated from the securitized portfolio and distributes the revenue and expense to appropriate income statement line items from which they originated. For this reason, we believe the “managed” consolidated financial statements and related managed metrics to be useful to stakeholders.

Reportable Segments

We manage our business as two distinct operating segments: Local Banking and National Lending. The Local Banking and National Lending segments are considered reportable segments based on quantitative thresholds applied to the managed loan portfolio for reportable segments provided by SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information. As management makes decisions on a managed basis within each segment, information about reportable segments is provided on a managed basis.

During the first quarter of 2008, the Company reorganized its National Lending sub-segments. The National Lending segment consists of the following sub-segments:

• U.S. Card sub-segment which consists of the Company’s domestic credit card business, including small business credit cards, and the installment loan businesses.

• Other National Lending sub-segment which includes the Company’s auto finance business and international lending businesses.

Net Charge-Off Rate

Average Loans Outstanding used in the calculation of the Net Charge-Off Rate includes an estimate of the uncollectible portion of finance charge and fee receivables. We recognize earned finance charges and fee income on open ended loans according to the contractual provisions of the credit arrangements. When we do not expect full payment of finance charges and fees, we do not accrue the estimated uncollectible portion as income. The estimated uncollectible portion of finance charges and fees is adjusted quarterly.