Capital One / ING Direct Acquisition Fact Sheets


Background on Capital One / ING AcquisitionTA button
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.

 

Need More Info? Download Fact Sheets on Capital One. 

Fact Sheet #1: Capital One Corporate Background stock_get_facts_150x59px

Fact Sheet #2: Failure to Meet Convenience and Needs

Fact Sheet #3: House of Cards

Fact Sheet #4: Systemic Risk


Recent Press Coverage
Assailed for Subprime Loans, Capital One Defends ING Deal – 10/5/11 Capital One’s Business Model ‘not sound,’ Community Groups Tell Fed – 09/20/11 Stop the CapOne-ING Deal and Update CRA – 09/19/11
Capital One Denies ING Deal Would Make It “Too Big to Fail” – 9/20/11

Fear of Giant Banks Charges Marathon Hearing on Cap One-ING Deal – 09/20/11
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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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