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August 18, 2011

U.S. Lawmaker Asks Fed to Extend Review of Capital One Deal

U.S. Representative Barney Frank has asked the Federal Reserve to extend its examination of Capital One Financial Corp.’s purchase of ING Direct USA.

“This proposed purchase would create the fifth-largest bank in the United States,” Frank, the senior Democrat on the Financial Services Committee wrote in the letter to Fed Chairman Ben S. Bernanke dated today. “For this reason alone, care should be taken to thoroughly examine the impact of this purchase with respect to the consolidation of banking assets, the provision of credit by the resulting bank and compliance with the Community Reinvestment Act.”

Read the full story at Bloomberg

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