FOR IMMEDIATE RELEASE: Apr. 18, 2025

CONTACT: Jarice Thompson, jarice@ourfinancialsecurity.org

AFR Statement on Approval of Capital One-Discover Merger

Patrick Woodall, Managing Director for Policy:

Washington, DC– The Trump administration’s approval of the biggest, most complex bank merger in decades will raise credit card costs for working families, sap the earnings of small businesses, and undermine community investment. It’s no surprise that an administration packed with Wall Street heavies would rubber stamp a merger that creates another too-big-to-fail megabank while it is simultaneously unraveling critical consumer protection and safety and soundness rules designed to protect families and the economy from financial crisis. Approving a merger further concentrating the credit card market the day after attempting mass firings from the Consumer Financial Protection Bureau doubles down on exposing people to rip-offs, junk fees, and interest rate hikes. The state attorneys general must step up to fill the void created by this approval and protect consumers, small businesses, and communities from this disastrous mega-merger.

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