Schumer Asks Capital One, Discover Financial for Merger Details

Senate Majority Leader Chuck Schumer requests information on Capital One’s proposed acquisition of Discover, its potential anticompetitive effects and impact on the financial ecosystem, according to two letters sent to CEOs Richard Fairbank and Michael Rhodes.

• Schumer asks Capital One and Discover for more information on market shares in relevant submarkets, historical trends on APRs and annual fees, planned layoffs, and quantified details about the synergies the deal is expected to produce

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