Posted 2/26/2024, 4:20:00 PM
Democrats Urge Biden to Block Proposed Capital One-Discover Credit Card Mega Merger
- Democrats urge Biden administration to block proposed $35.3B merger between Capital One and Discover
- Sen. Warren and 12 House Democrats argue merger would consolidate credit card market and limit consumer choice
- Lawmakers say merger would make Capital One 6th largest US bank and largest credit card issuer
- Letter argues banking consolidation leads to higher prices, more fees for consumers
- Democrats say Capital One has "concerning history of mistreating consumers," Discover has compliance failures