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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.