In February 2024, Capital One announced it planned to merge with Discover Financial for over $35 billion.[1][2] [3]
In September 2024, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the United States Department of Justice Antitrust Division instituted new guidelines which call for stricter reviews of bank deals. According to Bloomberg News, this signals that federal regulators are increasing scrutiny of the deal.[4]
In October 2024, it was reported that Attorney General of New York Letitia James is investigating whether the deal may violate state antitrust law.[5]
References
edit- ^ Hirsch, Lauren; Goldberg, Emma (February 19, 2024). "Capital One to Acquire Discover, Creating a Consumer Lending Colossus" – via NYTimes.com.
- ^ Thomas, AnnaMaria Andriotis and Lauren. "Capital One Is Buying Discover Financial for $35 Billion".
- ^ Jones, Callum (March 6, 2024). "Capital One and Discover merger 'dangerous', consumer groups tell Fed". The Guardian.
- ^ "Capital One-Discover Deal Hits Roadblock in Bank Merger Overhaul".
- ^ Stempel, Jonathan (2024-10-28). "New York probing legality of Capital One-Discover merger". Reuters.