| On Discover
Merger Subprime
Antitrust Problems
Redacted in FRB Cap One
FOIA Docs
by
Matthew R. Lee
SOUTH
BRONX, March
18 – Before Capital One
announced and applied to buy
Discover, they and their law
firm were allowed to meet
secretly with the Federal
Reserve.
After they
applied late March 20,
Inner City Press submitted a
Freedom of Information Act
request to the Fed. While they
granted expedited treatment,
they delayed nearly a near
before on March 4 dumping over
1000 redacted pages.
These
begin with ex parte meetings
between the bank, its law firm
and the Fed - telephone calls
in February 2024, and a
meeting inside the Fed on
March 7, 2024 (the Fed waited
until March 4, 2025 to
disclose this). 1000 page on
Inner City Press'
DocumentCloud here.
200+ more pages here.
FOIA determination letter here
Inner City Press
has filed a FOIA appeal to the
Federal Reserve - including
for the withheld competitive
information. This is key, amid
reports even DOJ has found
subprime antitrust problems,
hidden by the Fed so far.
On March 3, days
after the CFPB dropped its
lawsuit against Capital One,
the OCC suddenly declared
Capital One "Outstanding"
under the Community
Reinvestment Act. Who's in
the OCC's and Fed's
wallet, now?
***
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