Federal Reserve Board – Federal Reserve Board announces the approval of the capital request One Financial Corporation to merge with Discover Financial Services and issues a consent order with Discover

Friday, the Federal Reserve Board announced its approval of the capital request One Financial Corporation, of McLean, Virginie, to merge with Discover Financial Services, from Riverwoods, Illinois, and thus acquire indirectly Discover Bank, from Greenwood, Delaware.

The Council assessed the request under the legal factors that it is required to consider, including the financial and managerial resources of companies, the convenience and the needs of the communities to be indicated by the combined organization and the impacts of competitive and financial stability of the proposal.

The Board of Directors also concluded a consent prescription with Discover and estimated a fine of $ 100 million to overload certain exchange costs from 2007 to 2023. Discover has since ended these practices and reimburses these costs to assigned customers. Board measures are taken in coordination with the Federal Deposit Insurance Corporation. As a condition for the approval by the board of directors of the request for merger, Capital One has adopted that it will comply with the action of the Council against Discover, including the reparation requirements.

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