Fed delays vote on ING takeover

The Federal Reserve abandoned its plans to vote on Capital One’s $9 billion takeover of ING Direct yesterday, pushing its decision to Monday.

The Fed released a brief statement saying it had postponed a closed-door meeting about the deal, though it did not explain the cause of the delay.


Capital One stated that Fed officials attributed the switch to scheduling problems. Capital One needs support from a majority of the five governors to obtain approval.

Consumer groups provided the Fed with about 100 phone calls yesterday to express opposition to it, according to the National Community Reinvestment Coalition.

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In June, Capital One agreed to pay $6.2 billion in cash for ING’s online banking business in the United States. Capital One would also issue $2.8 billion worth of new shares to ING, giving the Dutch bank a 9.9 percent stake.

The deal has drawn arguments that it will create another “too big to fail’’ banking giant.

Capital One counters that unlike big banks on Wall Street, it sticks to basic lending and deposit business.

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