NEW YORK (AP) — The pending merger between Capital One and Discover Financial services received approval from several regulators Friday, bringing the $35 billion tie-up closer to completion.
The Federal Reserve and the Office of the Comptroller of the Currency signed off on the deal, which was first announced in February 2024.
The Federal Reserve Board said it entered into a consent order with Discover and assessed a fine of $100 million for overcharging certain interchange fees from 2007 through 2023. Discover has since terminated these practices and is repaying those fees to affected customers, according to the Federal Reserve. The board’s action is being taken in coordination with the Federal Deposit Insurance Corp.
It said Capital One has committed that it will comply with the Board’s action against Discover of Riverwoods, Illinois, including remediation requirement, as a condition of approval.
The OCC said its approval reflects its “careful analysis of the effect of the merger on communities, the banking industry, and the U.S. financial system.”
Capital One, based in McLean, Virginia, said it expects to complete the acquisition on May 18 now that it's received all required regulatory approvals. Shareholders of both companies approved the deal i n February.
The deal joins two of the largest credit card companies that aren’t banks first, like JPMorgan Chase and Citigroup, with the notable exception of American Express. It also brings together two companies whose customers are largely similar: often Americans who are looking for cash back or modest travel rewards, compared to the premium credit cards dominated by AmEx, Citi and Chase.
It also will give Discover’s payment network a major credit card partner in a way that could make the payment network a major competitor once again. The U.S. credit card industry is dominated by the Visa-Mastercard duopoly with AmEx being a distant third place and Discover an even more distant fourth place.
FILE - The logo for Capital One Financial is displayed above a trading post on the floor of the New York Stock Exchange, July 30, 2019. (AP Photo/Richard Drew, File)
KYIV, Ukraine (AP) — Russia launched a second major drone and missile bombardment of Ukraine in four days, officials said Tuesday, aiming again at the power grid amid freezing temperatures in an apparent snub to U.S.-led peace efforts as Moscow's invasion of its neighbor approaches the four-year mark.
Russia fired almost 300 drones, 18 ballistic missiles and seven cruise missiles at eight regions overnight, Ukrainian President Volodymyr Zelenskyy said on social media.
One strike in the northeastern Kharkiv region killed four people at a mail depot, and several hundred thousand households were without power in the Kyiv region, Zelenskyy said.
The daytime temperature in Kyiv, which has endured freezing temperatures for more than two weeks, was minus 12 degrees C (about 10 degrees F), with streets covered in ice and the rumble of generators heard throughout the capital.
Kyiv has grappled with severe power shortages for days, although Mayor Vitali Klitschko said Monday night's strikes caused the biggest electrical outage the city has faced so far.
More than 500 residential buildings remained without central heating Tuesday. Throughout the city, bare trees were weighed down with icicles and snow was piled up next to sidewalks.
To cope, friends and relatives gathered in those apartments that have power or hot water, at least temporarily. They charge their phones, take hot showers, or share a warm drink.
Klitschko ordered the city to provide one hot meal per day to needy residents. He also announced that workers in the city’s water, heating and road maintenance services would receive bonuses for working “day and night” to restore critical infrastructure.
Four days earlier, Russia also sent hundreds of drones and dozens of missiles in a large-scale overnight attack and, for only the second time in the war, it used a powerful new hypersonic missile that struck western Ukraine in what appeared to be a clear warning to Kyiv’s NATO allies that it won’t back down.
On Monday, the U.S. accused Russia of a “ dangerous and inexplicable escalation ” of the fighting at a time when the Trump administration is trying to advance peace negotiations.
Tammy Bruce, the U.S. deputy ambassador to the United Nations, told an emergency meeting of the U.N. Security Council that Washington deplores “the staggering number of casualties” in the conflict and condemns Russia’s intensifying attacks on energy and other infrastructure.
Russia has sought to deny Ukrainian civilians heat and running water in winter over the course of the war, hoping to wear down public resistance to Moscow’s full-scale invasion, which began on Feb. 24, 2022. Ukrainian officials describe the strategy as “weaponizing winter.”
The attack in Ukraine’s Kharkiv region also wounded 10 people, local authorities said.
In the southern city of Odesa, six people were wounded in the attack, said Oleh Kiper, the head of the regional military administration. The strikes damaged energy infrastructure, a hospital, a kindergarten, an educational facility and a number of residential buildings, he said.
Zelenskyy said Ukraine is counting on quicker deliveries of agreed upon air defense systems from the U.S. and Europe, as well as new pledges of aid to counter Russia’s latest onslaught.
Meanwhile, Russian air defenses shot down 11 Ukrainian drones overnight, Russia’s Defese Ministry said Tuesday. Seven were reportedly destroyed over Russia’s Rostov region, where Gov. Yuri Slyusar confirmed an attack on the coastal city of Taganrog, about 40 kilometers (about 24 miles) east of the Ukrainian border, in Kyiv's latest long-range attack on Russian war-related facilities.
Ukraine’s military said its drones hit a drone manufacturing facility in Taganrog. The Atlant Aero plant designs, manufactures and tests Molniya drones and components for Orion unmanned aerial vehicles, according to the General Staff of the Armed Forces of Ukraine. Explosions and a fire were reported at the site, with damage to production buildings confirmed, the General Staff said.
It wasn't possible to independently verify the reports.
Katie Marie Davies in Manchester, England, contributed.
Follow AP’s coverage of the war in Ukraine at https://apnews.com/hub/russia-ukraine
In this photo provided by the Ukrainian Emergency Service, emergency services personnel work to extinguish a fire following a Russian attack in Kharkiv, Ukraine, Tuesday, Jan. 13, 2026. (Ukrainian Emergency Service via AP)
In this photo provided by the Ukrainian Emergency Service, emergency services personnel work to extinguish a fire following a Russian attack in Kharkiv, Ukraine, Tuesday, Jan. 13, 2026. (Ukrainian Emergency Service via AP)
In this photo provided by the Ukrainian Emergency Service, emergency services personnel work to extinguish a fire following a Russian attack in Kharkiv, Ukraine, Tuesday, Jan. 13, 2026. (Ukrainian Emergency Service via AP)
In this photo provided by the Ukrainian Emergency Service, emergency services personnel work to extinguish a fire following a Russian attack in Kharkiv, Ukraine, Tuesday, Jan. 13, 2026. (Ukrainian Emergency Service via AP)
In this photo provided by the Ukrainian Emergency Service, emergency services personnel work to extinguish a fire following a Russian attack in Kyiv region, Ukraine, Tuesday, Jan. 13, 2026. (Ukrainian Emergency Service via AP)
