For Immediate Release:
April 21, 2025
Contact:
Robert Mayo | hello@woodstockinst.org
Federal regulators’ approval of Capital One’s merger with Discover Financial Services clears the way for implementation of Capital One’s $265 billion community benefits plan (CBP). This groundbreaking CBP, developed as part of the proposed acquisition, is more than twice as large as any similar plan made before it.
Below is a statement from Horacio Méndez, President and CEO of Woodstock Institute, one of four advocacy organizations directly involved in negotiating the CBP:
“Woodstock Institute and our partners came to the table to develop a deal that would put real money back into our communities. The resulting five-year plan is designed to make tangible, lasting improvements, focusing on areas that we know are critical to economic stability: safe and affordable housing, expanded access to banking services, increased credit access for small businesses and families with low to moderate incomes, and essential community infrastructure.
“We all know that families across Illinois are struggling to make ends meet. This CBP would offer much needed investments and financial products to low- and moderate-income consumers and communities.
“Woodstock Institute intends to monitor implementation of the CBP and continue collaborating with Capital One on advocacy issues and policies.”
Topline numbers from the CBP include:
- $200 billion in lending to low- and moderate-income (LMI) consumers and consumers residing in LMI communities, including $125 billion in credit card lending and $75 billion in automobile lending.
- Over $15 billion to small businesses and businesses in LMI communities.
- $44 billion in community development financing, including at least $35 billion supporting affordable housing.
- Among an array of new and enhanced financial products, a new credit card that will connect small businesses traditionally underserved by the financial sector with below-market-rate capital.
- A commitment to maintaining 30% of Capital One’s retail locations (branches and Cafés) in LMI neighborhoods.
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Woodstock Institute is a leading policy and research nonprofit that advocates for consumer financial protection and community economic development. Our work seeks to combat structural inequities and to improve the quality of life in lower-income neighborhoods and communities of color. Among our areas of focus are predatory lending, access to banking, debt collection, and municipal fines and fees.
