Capital One/ING Deal Gets Fed Scrutiny: Report:
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NEW YORK (TheStreet) -- The Federal Reserve appears to be determining whether Capital One's proposed acquisition of ING Groep's U.S. online-banking business would create a bank so large and complex that its failure would pose a risk to the financial system, The Wall Street Journal reported.
The Fed, in a letter dated Aug. 29, asked Capital One for details about "the nature and dollar volume" of financial activities in which both companies are involved.
Fed officials asked Capital One to describe any markets in which the bank and ING Direct USA are market makers and to report information about exposure to counterparties.
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