New York Investigating Proposed Capital One-Discover Deal

Group 1 - New York Attorney General Letitia James is investigating Capital One's proposed acquisition of Discover Financial Services, seeking court permission to issue subpoenas due to Capital One's refusal to waive federal confidentiality protections [1][2] - The proposed merger is under scrutiny for its potential significant impact on consumers in New York, where the combined credit card loans exceed $16 billion, giving the merged entity a dominant 30$35.3 billion acquisition plan in February, aiming to create a global payments platform with 70 million merchant acceptance points across more than 200 countries and territories [2] Group 2 - Discover Financial Services' Interim CEO Michael Shepherd indicated that Capital One is leading merger-related activities, with applications currently under regulatory review and integration planning progressing well [2] - Capital One's founder and CEO Richard D. Fairbank expressed strong commitment to completing the acquisition, highlighting its potential to enhance competition and deliver significant value for merchants, small businesses, and consumers [2] - Opponents of the merger, including Congresswoman Maxine Waters, argue that it should be rejected based on its failure to meet legal tests regarding competition, financial stability, and community needs [3]