Barney Frank Seeks Longer Review of Capital One’s ING Deal

U.S. Representative Barney Frank, the senior Democrat on the House Financial Services Committee, asked the Federal Reserve to extend its examination of Capital One Financial Corp.’s acquisition of ING Direct USA.

“This proposed purchase would create the fifth-largest bank in the United States,” Frank wrote in the letter dated yesterday to Fed Chairman Ben S. Bernanke. “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.”