Capital One’s $35 billion acquisition of Discover has officially received approval from key U.S. regulators, clearing the way for the creation of the largest credit card company in the United States by loan volume.
🔹 Approved by the Federal Reserve and Office of the Comptroller of the Currency (OCC), the deal met all regulatory conditions.
🔹 The combined company will surpass JPMorgan Chase in credit card lending and operate with $637.8 billion in assets, becoming the 8th-largest U.S. bank.
🔹 Capital One will gain Discover’s massive payment network of over 300 million cardholders.
🔹 As part of the deal, Discover was fined $100 million by the Fed for past overcharges and must repay affected customers.
🔹 The merger is expected to close on May 18, 2025, following shareholder and state approvals.
This marks a transformative moment in U.S. consumer finance, giving Capital One more control over swipe fees and solidifying its influence in the payments ecosystem.