Coalition Seeks Delay Of $9B Capital One, ING Deal

Law360, New York (August 15, 2011, 4:35 PM EDT) -- A coalition of consumer, community and housing groups sent the Federal Reserve Board a letter Friday outlining the possible dangers of Capital One Financial Corp.’s proposed $9 billion takeover of ING Direct USA and seeking a more thorough review of the deal.

The 18 groups, led by the National Community Reinvestment Coalition, say the deal threatens the health of the nation’s financial system by creating yet another too-big-to-fail bank, and they request the implementation of a number of safeguards before the deal can be consummated....
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