Lawmakers Say Discover Deal Calls for Overhaul of Merger Reviews

A group of Democratic lawmakers called on US regulators to overhaul their merger-review procedures for banks following Capital One Financial Corp.’s announcement that it will take over Discover Financial Services, a deal the legislators say may harm consumers and put the stability of the US financial system at risk.

Sixteen lawmakers led by Maxine Waters — the top Democrat on the House Committee on Financial Services, who’s already said she’s“deeply opposed” to the transaction — asked the Federal Reserve, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and Department of Justice to quickly update ...