A trade group representing U.S. community banks on Tuesday called for a moratorium on mergers involving banks with more than $100 billion in assets. The Independent Community Bankers of America made its pitch to regulators at the first in a series of public hearings the Federal Reserve is holding to review Capital One Financial's (COF.N) proposed takeover of ING Groep NV's (ING.AS) U.S. online banking portfolio. Chris Cole, senior vice president of ICBA, said there should be a moratorium on big-bank mergers until Dodd-Frank Wall Street Reform and Consumer Protection Act rules are defined and in force. "It has been 14 months since the Dodd-Frank Act was passed and we still don't have a regulatory apparatus in place to deal with those banks over $50 billion in assets ... and haven't figured out an accurate way to measure their systemic risk," he said.
Capital One Financial Corporation is a diversified financial services holding company. Shares of COF traded higher by 1.62% or $0.69/share to $43.41. In the past year, the shares have traded as low as $35.94 and as high as $56.26. On average, 7095270 shares of COF exchange hands on a given day and today's volume is recorded at 1083608.
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