Capital One 2002 Annual Report Download - page 46

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44
Cautionary Factors
The strategies and objectives outlined above, and the other forward-looking
statements contained in this section, involve a number of risks and
uncertainties. The Company cautions readers that any forward-looking
information is not a guarantee of future performance and that actual results
could differ materially. In addition to the factors discussed above, among the
other factors that could cause actual results to differ materially are the
following:
• continued intense competition from numerous providers of
products and services that compete with our businesses;
• an increase in credit losses (including increases due to a worsening
of general economic conditions);
• our ability to continue to securitize our credit cards and consumer
loans consistent with current accounting and other practices and to
otherwise access the capital markets at attractive rates and terms to
capitalize and fund our operations and future growth;
• financial, legal, regulatory, accounting or other changes that may
affect investment in, or the overall performance of, a product or
business, including changes in existing law and regulation affecting
the credit card and consumer loan industry, in particular (including
any further federal bank examiner guidance affecting credit card
and/or subprime lending) and the financial services industry, in
general (including the ability of financial services companies to
obtain, use and share consumer data);
• with respect to financial and other products, changes in our
aggregate accounts or consumer loan balances and the growth rate
thereof, including changes resulting from factors such as shifting
product mix, amount of our actual marketing expenses and
attrition of accounts and loan balances;
• the amount of, and rate of growth in, our expenses (including
salaries and associate benefits and marketing expenses) as our
business develops or changes or as we expand into new market
areas;
• our ability to build the operational and organizational
infrastructure necessary to engage in new businesses or to expand
internationally;
• our ability to recruit experienced personnel to assist in the
management and operations of new products and services;
• any significant disruption of, or loss of public confidence in, the
U.S. mail system affecting response rates or customer payments;
and
• other factors listed from time to time in the our SEC reports,
including, but not limited to, the Annual Report on Form 10-K
for the year ended December 31, 2002 (Part I, Item 1, Risk
Factors).