Capital One puts OCC’s tough stance on mergers to the test
Proposed Discover deal should be approved but will go under the microscope, ex-regulators say
The ink had barely dried on a proposed US rulemaking on large bank mergers before regulators’ new stance faced its first test. The Office of the Comptroller of the Currency requested comments on its draft rules and policy statement on January 29. Three weeks later, Capital One announced its plan to buy rival credit card lender Discover.
In a speech at the University of Michigan on the same day the consultation was published, acting comptroller Michael Hsu summed up the spirit of the proposal: any
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