Capital One Financial Corp. has bought Discover Financial Services, bringing together two of the biggest credit card firms so they can better compete with other Wall Street behemoths. The takeover was valued at $35 billion when it was announced in February 2024.

Federal regulators approved Capital One's $35.3 billion acquisition of Discover Financial Services earlier this year despite opposition from consumer advocates and some top Democrats, who cited concerns about reduced competition, financial stability and potential harm to low-income consumers and those with poor credit scores.