PRESS RELEASE

Congressman Al Green Urges Regulators to Closely Examine the Merger of Credit Card Giants to Determine if it is in the Best Interests of Consumers and Workers

(Houston, Texas) — On Tuesday, February 20, 2024, Congressman Al Green released the following statement: 

“The acquisition of Discover Financial Services by Capital One Financial, pending federal regulators’ approval, raises many concerns about competition and consumer welfare. Capital One is among the largest banks in the nation, reporting $36.8 billion in total net revenue for 2023. Discover operates one of the largest payment networks in the country, reporting $2.9 billion in net income for 2023. 

I am concerned that this consolidation may harm both consumers and the employees of these firms. A recent Consumer Financial Protection Bureau Report analyzing credit card terms from issuers of all sizes found that the largest 25 credit card companies tended to offer higher interest rates than small banks and credit unions. Capital One was also among the institutions found to offer cards with a maximum purchase Annual Percentage Rate (APR) exceeding 30%. I oppose any bank consolidation that would force consumers to be saddled with interest rates and fees that exceed what they would be able to obtain from a less concentrated marketplace. Furthermore, at a time when technology, including artificial intelligence, threatens workers in many industries, I am concerned that this acquisition will lead to layoffs at Discover and Capital One. These firms must exercise care to ensure that this merger is completed as seamlessly as possible.

For these reasons, I urge regulators to closely examine this proposed acquisition to determine if it is in the best interests of consumers and workers,” stated Congressman Al Green.