Posted 2/21/2024, 8:07:00 PM
Capital One Aims for Credit Card Crown with Discover Deal, Testing Regulators
- Capital One aims to become largest US credit card issuer via acquisition of Discover, creating 6th largest US bank
- Deal tests Biden administration's commitment to limiting financial industry consolidation and concentration
- Combination could boost Discover network's competition with Visa and Mastercard duopoly
- Fed, OCC legally required to determine if merger is in public interest before approving
- Review likely to last into 2024 and ultimate fate may depend on who wins 2024 presidential election