Americans for Financial Reform is a nonpartisan, nonprofit coalition working to lay the foundation for a strong, stable, and ethical financial system.

News Release: Groups Demand Open, Transparent Process for Capital One-Discover Merger Review

WASHINGTON, D.C. – A coalition of 30 community, consumer, civil rights, and public interest groups has called on federal bank and antitrust regulators to follow several critical procedural safeguards that will help ensure proper review of the proposed takeover of Discover by Capital One. The coalition includes Americans for Financial Reform, the National Community Reinvestment Coalition, the American Economic Liberties Project and Public Citizen.

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Analysis: Antitrust and Banking Agencies Must Block Capital One-Discover Merger

The $35 billion takeover bid would vault Capital One into 6th place among the biggest U.S. banks and create the largest U.S. credit card lender, ahead of current leader JPMorgan Chase. This new company could raise prices for cardholders, especially lower-income consumers and Black and Latine households and give Capital One the power to jack up debit card fees on merchants. In short, it would reinforce the megabank monopoly power that is already a serious problem in the American economy. The Biden administration must stand up for consumers, communities, and small businesses and block the Capital One-Discover merger.

Letters to Congress: Letter in Opposition to H.R. 2799, the Expanding Access to Capital Act

AFREF led a sign-on letter in opposition to H.R. 2799, the Expanding Access to Capital Act of 2024, along with the 10 undersigned organizations. Fundamentally, H.R. 2799 weakens regulation of both the public markets and the private markets, making it a bad deal for investors of all types, and a boon to issuers interested in raising capital with the lowest possible degree of disclosure, compliance, accountability, and overall economic inefficiency.

Event: Reparations: How to Fund Them & Avoid a Wall Street Takeover

Join us for a pivotal fireside chat on March 7, 2024, at 2:00 PM, on the pressing issue of reparations. “Reparations: How to Fund Them & Avoid a Wall Street Takeover” brings together thought leaders Jeremy Bearer-Friend (George Washington University Law), Alvin Velazquez (SEIU), and moderator Ericka Taylor (Take On Wall Street and Americans for Financial Reform) for an in-depth discussion on innovative funding strategies for reparations and safeguarding the initiative from financial industry exploitation.