Federal banking agencies will hold a virtual public hearing on Friday morning on the proposed acquisition of Discover Financial Services by Capital One Financial Corp. Bartlett Naylor financial policy advocate for Public Citizen, will testify at the hearing and released the following statement:
“Regulators should not compound our too-big-to-fail problem by approving this merger. As recently as the spring of 2023, the federal government found itself forced to shore up a set of regional banks through the expansion of deposit insurance and government-subsidized mergers. With $625 billion in assets, Cap One-Discover would be larger than the three regional banks that failed last spring combined. Approving this merger would exacerbate the problems of financial stability, safety, and soundness.”
