The Office of the Comptroller of the Currency (OCC) has conditionally approved the merger of Discover Bank, Greenwood, Delaware, into Capital One, National Association, McLean, Virginia. The approval is subject to plans setting out effective and sustainable corrective actions and timelines to address the root causes of any outstanding enforcement actions against Discover Bank and to remediate harm. The decision follows the OCC’s review of the merger application submitted on March 21, 2024, including consideration of public comments and views expressed at a public meeting held with the Board of Governors of the Federal Reserve System on July 19, 2024. The OCC stated that its analysis considered the merger’s effects on communities, the banking industry, and the U.S. financial system, and noted that Capital One, National Association is expected to have USD 660 billion in total assets upon consummation of the transaction.
Office of the Comptroller of the Currency 2025-04-18
Office of the Comptroller of the Currency grants conditional approval for Capital One National Association to acquire Discover Bank
The Office of the Comptroller of the Currency has conditionally approved Discover Bank's merger into Capital One, National Association, subject to corrective action plans for outstanding enforcement issues. The OCC's decision followed a review of the merger application and public feedback, considering impacts on communities, the banking industry, and the U.S. financial system. Capital One is expected to have USD 660 billion in total assets post-merger.