Capital One: Delaware's Approval Moves Discover Acquisition Closer to Completion

Group 1: Acquisition Details - Capital One's acquisition of Discover Financial Services has received approval from the Office of the Delaware State Bank Commissioner, moving closer to completion [1][2] - The all-stock transaction is valued at $35.3 billion and aims to create a global payments platform with 70 million merchant acceptance points across more than 200 countries and territories [3][4] - The transaction is expected to close in early 2025, pending approval from stockholders of both companies and regulatory bodies [2] Group 2: Community Impact and Benefits - Capital One has announced a$265 billion community benefits plan in partnership with four community groups, aimed at expanding economic opportunities for underserved customers and increasing access to products and services for unbanked or underbanked consumers [6] - The plan includes initiatives to enhance access to safe and affordable housing, expand credit access for small business owners, and support the development of schools, civic centers, and healthcare facilities [6] Group 3: Regulatory Scrutiny - New York Attorney General Letitia James is investigating the proposed acquisition, citing concerns about its significant impact on consumers in New York, where Capital One and Discover have combined credit card loans exceeding $16 billion and would hold a dominant 30% market share among subprime consumers [7]