Federal Reserve Board – Agencies announce public meeting on proposed acquisition by Capital One of Discover; public comment period extended

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. banking or financial system;
• The financial and managerial resources and future prospects of the companies and banks involved in the proposal; and
• The effectiveness of the companies and banks in combatting money laundering activities.

The public meeting will be held virtually on July 19, 2024, at 9:00 a.m. EDT. Members of the public seeking to present oral comments must register by 12:00 p.m. EDT on June 28, 2024, through the online registration webpage, which will be posted on the Board’s Capital One-Discover Application Reading Room by May 28, 2024. Further information and requirements to present, as well as registration information to view the public meeting, are available in the attachment from the agencies.

Also today, the agencies announced that they are extending the public comment period for the applications to give interested parties additional time to comment. Comments on the applications will now be accepted through July 24, 2024.