You have probably seen that Capital One is claiming it will commit $265 billion to our communities if regulators allow it to merge with Discover.

The truth is that less than $5 billion of that is new money. More than $260 billion of it is on track to happen based on the two separate banks’ current baselines of activity. 

Here is our full analysis of the package, debunking the claims the bank is making.

The check is already in the mail – so their plan isn’t a compelling argument in favor of permitting a merger that is dangerous for our economy and harmful to our communities. The only people who benefit from this merger are corporate insiders and shareholders.

Capital One has a track record of breaking promises and exploiting the people we serve. Regulators should not reward that bad behavior. 

And everyone should know the truth about the bank’s proposed plan: It’s not a massive new investment in community work. It’s an insultingly small $5 billion tip on a quarter-trillion-dollar tab.

Please check out our full analysis of the plan here, and share it with your networks.

Thank you,

Jesse Van Tol

President and CEO