Capital One Subpoened by New York DA’s Office in Auto Loan Probe

Financial institution Capital One said it has received subpoenas and testimony inquiries from the New York District Attorney's office seeking information relating to the bank's subprime auto finance business. The company said it is cooperating with the investigation and made the announcement in a quarterly filing with the Securities and Exchange Commission on Monday. Other banks being investigated for subprime auto lending operations, include Santander Consumer, GM Financial and Ally Financial. Subprime lending has come under greater scrutiny from regulators since the 2008 recession. TheStreet's Scott Gamm reports from New York.