Capital One Financial Corporation (NYSE: COF) has completed its acquisition of Discover Financial Services, culminating a 15-month process that transforms the company into the largest credit card issuer by loan volume in the United States.

Capital One Completes Acquisition of Discover

The transaction, first announced on February 19, 2024, received final regulatory clearance last month from the Federal Reserve and the Office of the Comptroller of the Currency (OCC), despite initial regulatory uncertainty during the previous administration.

“This deal brings together two innovative, mission-driven companies that together are poised to deliver breakthrough products and experiences to consumers, businesses, and merchants,” said Richard D. Fairbank, Founder and CEO of Capital One.

The combined entity now controls the Discover payments network, positioning it as a direct competitor to industry giants Visa and Mastercard. The acquisition represents a significant shift in the payments landscape, giving Capital One both issuing capabilities and network ownership.

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Regulatory Journey

The deal faced scrutiny throughout its approval process, with some Congressional Democrats voicing opposition on grounds that it could harm consumers and potentially threaten financial stability. However, the regulatory environment shifted following the recent presidential transition.

As part of the approval conditions, the OCC required Capital One to outline corrective actions addressing Discover's outstanding enforcement issues. These stemmed from a 2023 disclosure that Discover had been overcharging merchants for certain credit card transactions since 2007.

Final approvals came from the Federal Reserve and OCC on April 18, 2025, following the Delaware State Bank Commissioner's approval in December 2024. Stockholders of both companies voted in favor of the transaction on February 18, 2025.

Board Expansion

In connection with the merger , Capital One has expanded its Board of Directors from 12 to 15 members, appointing three former Discover board members: Thomas G. Maheras, Michael Shepherd, and Jennifer L. Wong.

For now, customer accounts and banking relationships remain unchanged at both institutions. “Customers will be provided with comprehensive information in advance of any forthcoming changes. Until then, customers do not need to take any action,” the company stated.

Community Investment Initiatives

The acquisition triggers implementation of Capital One's $265 billion Community Benefits Plan, developed in partnership with community organizations. The plan aims to advance lending, investment, and services to strengthen economic opportunity across America.

As of March 31, 2025, the combined financial holding company reported $367.5 billion in deposits and $493.6 billion in total assets. Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

Fairbank acknowledged the leadership of Discover's Board and interim CEO Michael Shepherd as instrumental in reaching this milestone, adding, “Through the efforts of thousands of associates across Capital One and Discover, we are well-positioned to continue our quest to change banking for good for millions of customers.”