Bloomberg Law: Fed, OCC Should Reject Capital One, Discover Deal, Democrats Say

The Federal Reserve and the Office of the Comptroller of the Currency should reject Capital One Financial Corp.’s proposed acquisition of Discover Financial Services, Congressional Democrats including Massachusetts Senator Elizabeth Warren told Federal Reserve Vice Chair Michael Barr and Acting Comptroller of the Currency Michael Hsu in a letter.

“Capital One’s history of failures to meet its acquisition-related commitments, its consumer protection and BSA/AML violations, and its aggressive debt collection and robo-signing practices highlight a pattern of regulatory non-compliance and consumer harm. Capital One’s proposed acquisition of Discover poses significant additional risks to consumers,” the Democrats say in the letter, citing alleged concerns with past mergers and regulatory missteps

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