Item 8.01. Other Events

On October 24, 2008, Capital One Financial Corporation (the "Company") received approval from the U.S. Treasury Department (the "Department") to participate in the Department's Troubled Asset Relief Program Capital Purchase Program, subject to standard closing requirements. The Company will issue and sell to the Department preferred stock and warrants to purchase shares of common stock of the Company in accordance with the terms of the Capital Purchase Program for an aggregate purchase price of $3.55 billion. The Department's term sheet describing the Capital Purchase Program is available on the Department's website at http://www.ustreas.gov.

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