| On Capital
One Discover 3 Minutes Each
OCC Withholds 185 Pages Inner
City Press Appeals
by
Matthew R. Lee
SOUTH
BRONX, July
9 – Capital One has applied to
buy Discover, in an
anticompetitive deal that
should be rejected by
regulators if they mean what
they have been saying. After
they applied late March
20, Inner City Press
submitted a second Freedom of
Information Act request to the
Office of the Comptroller of
the Currency (and to the
Federal Reserve).
On May 14 - still
without providing FOIA
documents - the OCC and Fed
set a July 19 virtual public
meeting.
On June 25 the
OCC belatedly responded to
Inner City Press' FOIA request
- by withholding in full 185
pages. OCC FOIA production on
DocumentCloud here.
Inner City Press appealed.
At the July 19
public meeting, "each speaker
will be allotted three minutes
to speak at the meeting," the
OCC and Fed on July 9 said.
Meanwhile Capitol
One lobbying continues, for
example with a Pennsylvania
state legislator extolling
Capital One's subprime,
here.
The OCC
put part of its application in
its reading room. And it is an
outrage, Capital One gaming
the CRA system. For example
"the Proposed Transaction
would result in CONA
establishing a new assessment
area in Delaware, which
will include all census tracts
in Sussex County and seven
contiguous census tracts
in Kent County."
That for a
nationwide card and subprime
auto lender...
As
documented by Fair Finance
Watch, Discover Bank in 2022
denied mortgage loans
application from African
Americans more than twice as
frequently as those of
whites.
Previously, Inner City Press
and NCRC challenged Capital
One's acquisition of ING
Direct, see here.This
time, given the antitrust
enforcement claims being made
in DC, this proposal should be
dead in the water. Watch this
site.
***
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