The National Community Reinvestment Coalition (NCRC) announced that it will oppose the Capital One acquisition of ING Direct USA, citing serious concerns about the impact of the deal on consumers, communities and the economy. The deal would make Capital One the fifth largest bank in the United States.
“We already have four too big too fail banks, why make a fifth?” said John Taylor, President & CEO of NCRC. “This is the most important test since the passage of Dodd-Frank of whether or not the bank regulatory culture has changed in this country. Should a systemically important bank be allowed to become bigger without a clear case that it will benefit society? The answer is emphatically no.”
NCRC has called on the Federal Reserve to oppose the proposed Capital One Financial Corporation acquisition of ING Direct USA. The first public meeting was held on September 20, 2011 in Washington, DC. You can download the testimony of John Taylor here. Additional meetings will be held in Chicago on Tuesday, September 27, 2011, beginning at 8:30 a.m. CDT, at the Federal Reserve Bank of Chicago, and in San Francisco on Wednesday, October 5, 2011, beginning at 8:30 a.m. PDT, at the Federal Reserve Bank of San Francisco. You can download testimony of Ed Gorman, Chief Membership & Workforce Officer, given at the San Francisco meeting.
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