A senior U.S. lawmaker asked the Federal Reserve on Thursday for more public scrutiny of the Capital One Financial Corp's (COF.N) proposed purchase of ING Groep NV's (ING.AS) ING Direct. Representative Barney Frank, the top Democrat on the House Financial Services Committee, sent a letter to Fed Chairman Ben Bernanke, seeking a 60-day extension of the public comment period on the deal and public hearings on it. "This proposed purchase would create the fifth-largest bank in the United States. For this reason alone, care should be taken to thoroughly examine the impact," Frank wrote. Capital One agreed in June to purchase ING Direct, the U.S. online banking unit of Dutch financial group ING Groep for $9 billion in stock and cash.
Capital One Financial Corporation is a diversified financial services holding company. Shares of COF fell by 5.6% or $-2.49/share to $41.98. In the past year, the shares have traded as low as $35.94 and as high as $56.26. On average, 6442510 shares of COF exchange hands on a given day and today's volume is recorded at 2292284.
