Daily News, April 7, 2024, Sen. Schumer Expresses Concern Over Capital One Merger With Discover
Senator Majority Leader Chuck Schumer is voicing concern that Capital One’s planned acquisition of Discover could cause inflated costs for credit card users in New York City and beyond.
Schumer’s press releases included a copy of a Sunday letter he sent to Capital One and Discover executives asking for transparency before the deal is consummated — prior to that, his office reached out to the companies to discuss the issue but never heard back, said Schumer spokesman Angelo Roefaro. Among the senator’s inquiries was whether the newly formed company plans to fire employees. Schumer also wants a breakdown of interest rates charged to consumers over the past decade with regards to race and where they live. He asked for a reply no later than April 21.
