| As Fed
Snubs BIS Antitrust
Study Filed by FFW
on Discover Capital
One Rap Sheet on the
Hill
by
Matthew R. Lee
SOUTH
BRONX, March
26 – 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 - and raised
it in a March 21 comments,
along with a new Bank for
International Settlements
study that cries out for
denial of the merger.
On March 24, the
Fed's response: "Because your
letter was received after the
end of the public comment
period, it will not be made a
part of the record of this
case unless the Board in its
sole discretion determines to
consider your late comments."
Yeah, discretion...
Before the March
26 Housing Financial Services
Committee hearing, SBPC put
this one: "Capital One Bank,
N.A: (filed Jan. 14, 2025,
dismissed on February 27,
2025) The Bureau sued Capital
One for cheating consumers out
of more than $2 billion in
interest payments on savings
accounts. The bank unlawfully
misled consumers about its 360
Savings accounts and obscured
its higher-interest savings
product from them. Rap Sheet:
The CFPB’s first ever
enforcement action against a
bank was against Capital One
Bank in July 2012 for using
deceptive marketing tactics to
pressure or mislead consumers
into paying for “add-on
products” such as payment
protection and credit
monitoring when they activated
their credit cards. The Bureau
ordered Capital One to pay
$165 million—$140 million in
redress to two million
customers and a $25 million
penalty
***
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