NCRC Opposes Capital One-Discover Merger

Advocates for marginalized communities oppose the merger of Capital One and Discover, National Community Reinvestment Coalition (NCRC) President and CEO Jesse Van Tol said Tuesday.

“It is very difficult to imagine how federal regulators could allow Capital One to buy Discover given the requirement that mergers benefit the public as well as insiders,” Van Tol said. “I oppose this deal and will recommend NCRC members challenge it as well. Capital One has a pattern of making deals that benefit the bank, but not customers and communities. Their terrible track record on compliance – including numerous BSA/AML violations – should give the regulators pause. The deal also poses massive antitrust concerns, given the vertical integration of Capital One’s credit card lending with Discover’s credit card network.”

Capital One is the ninth-largest bank in the country. Discover is the fourth-largest credit card network in the country with about one in every eleven credit cards operating on its network. 

In 2021, the Treasury Department fined Capital One $390 million for years of chronic violations of Bank Secrecy Act/Anti-Money Laundering (BSA/AML) laws.

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