Capital One Financial Corp. is defending a donation to a Republican congressman facing a backlash over alleged anti-gay remarks, saying it bases political giving on business interests rather than social issues.
In a letter explaining its financial support for New Jersey Representative Scott Garrett, head of a House panel that oversees the banking industry, Capital One took great pains to tout its commitment to lesbian, gay, bisexual and transgender rights. Still, the bank stressed that it makes political action committee contributions based on different criteria.