No immediate changes are planned for customers accounts
of ConsumerAffairsApril 21, 2025
Key Takeaways:
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Capital Ones acquisition of Discover has received final regulatory approval and is expected to close on May 18, 2025.
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The merger aims to expand competition in payment networks, drive innovation, and deliver over $265 billion in community investments through a five-year Community Benefits Plan.
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No immediate changes will affect existing customer accounts, and updates will be communicated in advance of any transitions.
Capital One Financial Corporation and Discover Financial Services are a step closer to becoming a single company. Federal regulators have granted final approval for their merger.
The decision by the Federal Reserve Board and the Office of the Comptroller of the Currency marks the end of a 14-month regulatory review process, clearing the way for the transaction to close on May 18, 2025.
The transaction, initially proposed in 2024, received earlier approvals from the Delaware State Bank Commissioner in December and overwhelming support from shareholders of both companies in February, with over 99% voting shares in favor.
Transformative deal
The merger combines two of the largest players in consumer finance, credit cards, and digital banking. According to Capital One CEO Richard Fairbank, the unification of Capital One and Discover represents an exciting moment in the industry.
We understand the critical importance of a strong and competitive banking system to our customers and our economy, Fairbank said in a statement.
Discovers Interim CEO and president, Michael Shepherd, echoed these sentiments, emphasizing the merger’s potential to increase competition in payment networks, offer a wider range of products, and bring meaningful community benefits.
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