Overview

• The Office of the Comptroller of the Currency granted conditional approval for Capital One's acquisition of Discover Financial Services on April 18, 2025.
• The merger, valued at $35 billion, was also approved by the Justice Department’s antitrust division earlier this month.
• The Federal Reserve’s Board of Governors is now the final regulatory body that must approve the deal before completion.
• If finalized, the merger would create the largest U.S. credit card issuer, giving Capital One access to Discover’s payment network and merchant fees.
• Concerns remain over potential impacts on competition, consumer interest rates, and fees, particularly for subprime borrowers.