Key regulators approve merger of Capital One and Discover, paving the way for a new biggest credit card company
CNN
There could very soon be a new biggest credit card company in the United States.
There could very soon be a new biggest credit card company in the United States. Capital One (COF) received approval from the Federal Reserve’s Board of Governors and the Office of the Comptroller of the Currency to acquire and merge with Discover Financial Services (DFS), the agencies announced Friday. To get full approval, Capital One must provide the OCC with a plan “to address the underlying root causes of any outstanding enforcement actions against Discover Bank and plans for remediation of harm.” The all-stock deal, first announced over a year ago, would give Capital One a major leg up against competing credit card-issuing banks such as JPMorgan Chase (JPM), Bank of America (BAC) and Citigroup (C), which don’t process transactions themselves. It would also give Capital One a new source of revenue from the merchant fees it collects. For existing Discover customers, the move could increase merchant acceptance rates. But there’s also a risk that they could face higher credit card interest rates.
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