Posted 4/7/2024, 9:39:32 PM
Schumer Raises Concerns Over Capital One's Planned Acquisition of Discover Card, Seeks Transparency on Potential Impact to Customers
- Schumer concerned Capital One acquisition of Discover could increase costs for credit card users
- Deal would combine 4th and 6th largest credit card providers into one of country's biggest
- Schumer sent letter to companies asking for transparency and info on interest rates, fees, employee impacts
- Discover founded in 1985, accepted at 70 million locations, over $112B in loans
- Capital One deal expected to close in 2025 pending regulatory approval, company welcomes Schumer's inquiries