Fed OKs $9B Capital One-ING Deal Despite Consumer Unease

Law360, New York (February 14, 2012, 8:43 PM EST) -- Federal regulators on Tuesday approved Capital One Financial Corp.’s $9 billion acquisition of ING Direct USA, sidestepping concerns that the deal may create a “too-big-to-fail” bank that could end up in hot financial water and harm consumers.

Following a week of delays on the decision, the Federal Reserve released a 40-page order giving the banks the go-ahead, saying the merger's benefits to the general public outweigh opponents’ concerns over potential adverse effects on consumers and local communities.

“The board has concluded that the statutory factors it...
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