Agencies Announce Public Meeting on Proposed Acquisition by Capital One of Discover; Public Comment Period Extended — 2024-05-14

The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposal by Capital One Financial Corporation, of McLean, Virginia, to acquire Discover Financial Services, of Riverwoods, Illinois. The proposal includes the merger of Discover Bank, of Greenwood, Delaware, into Capital One, National Association, of McLean, Virginia. The purpose of the public meeting is to collect information from a wide range of stakeholders as the agencies evaluate the applications. By law, the agencies are required to evaluate: the convenience and needs of the communities to be served by the combined organization; each insured depository institution’s performance under the Community Reinvestment Act; competition in the relevant markets; the effects of the proposal on the stability of the U.S.