How Capital One’s $35 Billion Discover Merger Could Affect Consumers

Opposition emerged almost immediately from Democrats in the US Senate, where Ohio’s Sherrod Brown—chair of the Committee on Banking, Housing, and Urban Affairs—took a dim view of the deal’s size and Elizabeth Warren of Massachusetts expressed outright opposition. “A rubber-stamped merger that makes powerful financial companies even bigger and more powerful will do nothing for families,” Brown said in a statement. Warren said the deal should be blocked because it “threatens our financial stability,” cuts competition and brings higher costs for consumers. Fairbank told analysts during a conference call on Feb. 20 that the bank is “well-positioned for approval.”