| Questioning Capital
One Discover NY AG Asks for
Subpoena OCC Said to Resist
by
Matthew R. Lee
SOUTH
BRONX, Oct
23 – 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.
On September 4,
Fair Finance Watch and Inner
City Press submitted
supplemental opposition to the
regulators, including about a
newly filed class action that
"demonstrates Capital One's
outrageous, illegal, and
widespread practice of
disclosing—without consent—the
Nonpublic Personal
Information1 and Personally
Identifiable Financial
Information2 (together,
“Personal and Financial
Information”) of Plaintiffs
and the proposed Class Members
to third parties, including
Meta, Google, Microsoft,
DoubleClick, NewRelic, Adobe,
Everest, Skai/Kenshoo,
Snowplow, BioCatch, Tealium,
and possibly others."
On October 23,
while the Federal Reserve
calls submissions of these
abuses untimely, NY Attorney
General Letitia James asked an
NYS Judge to a subpoena
against Capital One: "Discover
agreed to provide a waiver...
Capital One declined to
provide such a waiver.
Instead, its counsel stated
that it had been told by the
OCC that issuing a voluntary
waiver of federal
confidentiality protections
would contravene OCC
regulations that restrict the
ability of State law
enforcement agencies to
exercise “visitorial powers”
over national banks. 27.
Attorneys in the Attorney
General’s Antitrust Bureau
later spoke with attorneys at
the OCC, who confirmed the
OCC’s position." What
regulators.
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 July 26, after
a FOIA appeal - and after
closing the public comment
period - the OCC belatedly
gave Inner City Press
documents showing Capital One
briefed the OCC on a "big"
deal in November 2023; it was
code named "Project Sirius."
Then overly
chummy texts from Andy
Navarrete, who testified at
the public meeting, and Pient
Tran to the OCC's Marci
Heppner and others.
For example, Andy
to Marci, sorry for the late
ping, if Richard wanted to
call, could you do a 1:1 Zoom
at 7:30 [pm]. But of course.
That and more now on Inner
City Press' DocumentCloud here
Inner City
Press continues to dig through
the records - and to prepare
another FOIA appeal.
Back 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.
On July
24, the very day on which the
OCC and Fed said they were
closing the written comment
period, the OCC upheld in full
its FOIA denials,
determination letter on Inner
City Press' Document Cloud here.
When did the Fed start secret
talks with Capital One?
***
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