SOUTH BRONX, Oct 18 – Capital One has applied to buy Discover, in an anticompetitive deal that should be rejected by regulators if they mean what they have been saying.
On September 4, Fair Finance Watch and Inner City Press submitted supplemental opposition to the regulators, including about a newly filed class action that "demonstrates Capital One's outrageous, illegal, and widespread practice of disclosing—without consent—the Nonpublic Personal Information1 and Personally Identifiable Financial Information2 (together, “Personal and Financial Information”) of Plaintiffs and the proposed Class Members to third parties, including Meta, Google, Microsoft, DoubleClick, NewRelic, Adobe, Everest, Skai/Kenshoo, Snowplow, BioCatch, Tealium, and possibly others."
Does the Fed care? On October 18, they wrote to FFW: "For this proposal, the initial public comment period was extended until July 24, 2024. Because your letter was received after the end of the public comment period, it will not be made a part of the record of this case unless the Board in its sole discretion determines to consider your late comments." Unreal.
After they applied late March 20, Inner City Press submitted a second Freedom of Information Act request to the Office of the Comptroller of the Currency (and to the Federal Reserve).
On July 26, after a FOIA appeal - and after closing the public comment period - the OCC belatedly gave Inner City Press documents showing Capital One briefed the OCC on a "big" deal in November 2023; it was code named "Project Sirius."
Then overly chummy texts from Andy Navarrete, who testified at the public meeting, and Pient Tran to the OCC's Marci Heppner and others.
For example, Andy to Marci, sorry for the late ping, if Richard wanted to call, could you do a 1:1 Zoom at 7:30 [pm]. But of course. That and more now on Inner City Press' DocumentCloud here
Inner City Press continues to dig through the records - and to prepare another FOIA appeal.
Back on June 25 the OCC belatedly responded to Inner City Press' FOIA request - by withholding in full 185 pages. OCC FOIA production on DocumentCloud here. Inner City Press appealed.
On July 24, the very day on which the OCC and Fed said they were closing the written comment period, the OCC upheld in full its FOIA denials, determination letter on Inner City Press' Document Cloud here. When did the Fed start secret talks with Capital One?
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