DOJ Clears $35 Billion Capital One-Discover Merger of Antitrust Concerns

The merger now awaits final approval from the Federal Reserve and the Office of the Comptroller of the Currency, with completion expected later this year.

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.