Overview

• The U.S. Department of Justice (DOJ) has concluded its investigation into the Capital One-Discover merger, finding no sufficient antitrust concerns to block the deal.
• The proposed $35 billion merger would create the largest U.S. credit card issuer by balances and the sixth-largest bank by assets.
• The deal also involves vertical integration, giving Capital One control over Discover's payment network, raising concerns from critics about potential consumer harm.
• The Federal Reserve and the Office of the Comptroller of the Currency still need to review and approve the merger before it can proceed.
• The DOJ's decision reflects a shift toward a more permissive approach to bank mergers under the Trump administration compared to stricter oversight during the Biden administration.