The merger between Capital One and Discover Financial Services is nearing completion following regulatory approvals from the Federal Reserve and the Office of the Comptroller of the Currency. The $35 billion deal, first announced in February 2024, will combine two major credit card networks, enhancing competition against dominant players like Visa and Mastercard. Alongside merger approval, Discover was fined $100 million for past interchange fee overcharges, with commitments to repay affected customers. This merger represents a significant consolidation in the credit card industry, drawing a competitive response against premium card offerings from rivals.
The pending merger between Capital One and Discover Financial Services has received regulatory approval, positioning it to reshape the competitive landscape of the U.S. credit card industry.
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