| Capital One Should Discover
Merger Dead Inner City Press
FOIAed Fed Now Delay to May 3
by
Matthew R. Lee
SOUTH
BRONX, April
19 – 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. While
they applied late March 20, as
of 1 pm on March 22 there was
no notice of the Federal
Reserve's or OCC's websites.
Inner City Press submitted
second FOIA requests to each
agency. Public hearings should
be held, not only on antitrust
but also lending disparities
at both companies.
While the
OCC has yet to provide some
records requested under FOIA,
it put 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...
On April 19, with
the Fed's comment period
coming to a close, the Fed
wrote to extended its time to
respond to Inner City Press'
February 19 FOIA to May 3 -
AFTER the close of the comment
period.
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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