On April 18, 2025, the proposed merger between Capital One Financial Corporation and Discover Financial Services was approved by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and the Office of the Comptroller of the Currency (the “OCC”), representing the largest acquisition in terms of market value approved by the federal banking regulators since the 2008 financial crisis. The market had been eagerly awaiting action by the federal banking regulators on the proposed merger given the high level of interest in the viability of large bank merger proposals and because it was the first such review completed by the regulators under the new U.S. presidential administration.