NCRC Statement on NY AG Filing on Capital One-Discover Merger

In a court filing this week, New York Attorney General Letitia James sought access to data and documents related to the proposed merger of Discover and Capital One. National Community Reinvestment Coalition President and CEO Jesse Van Tol released the following statement:

"New York's interest in this bad merger proposal is encouraging and welcome. State officials should review the legality and the potential harms that could follow this merger, and the court filing makes clear that this merger is concerning to all who care about consumers.

"At the same time, the responsibility to stop the merger remains with federal banking regulators and the Department of Justice.The merger review process should be transparent, not a back-room deal between bankers and their regulators. Data and documentation provided by Capital One to banking regulators should be public and open for review by anyone. NCRC has been clear in our opposition to this merger, and we too should be able to review whatever claims, promises or data the banks have provided to regulators to make their case for approving it."
Previously from NCRC: