Sherrod Brown (D-OH) and Elizabeth Warren (D-MA) were joined by Josh Hawley (R-MO), who called on the Department of Justice to block the acquisition, writing, “This is destructive corporate consolidation at its starkest. Politicians from both sides of the aisle are already weighing in - and not, necessarily, on the side you might expect. The complexity of the multifaceted deal arguably has elements that are both “good” and “bad” for competition. The question of whether or not the acquisition is harmful to competition is one that will surely be an intense battle in the coming months.
In acquiring Discover, Capital One is getting (at least) four things: Discover’s credit card network, its debit card network, PULSE, a top ten credit card issuer, and the rest of Discover’s banking business: deposits, checking accounts, mortgages, personal loans, and so on. Given that Capital One’s acquisition of Discover holds the potential to drive a once-in-a-generation shake up of the US payments space, I’m basically legally obligated to write about it.īut I’m also cognizant that much ink has already been and will continue to be spilled on the topic (by people who are much smarter than I), so I will try to keep my thoughts brief and highlight other analysis on the acquisition I’ve found helpful. Ready to see Automations in action? Register for our upcoming digital event, featuring Hummingbird’s CEO, Joe Robinson, and Affirm’s Senior Manager of Financial Crimes Compliance, Allie VanderJeugdt. Our fully customizable “recipe” builder allows you to create time-saving automations to help you speed up casework, scale operations, and stay on top of activity and performance. Hummingbird Automations is a no-code automation platform that allows you to accelerate your core compliance processes by streamlining steps within your existing procedures. We’ve got the answer: Introducing Hummingbird Automations !
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