Consumer groups will try to convince the Federal Reserve this week that rubber stamping the Capital One Financial Corp (COF.N) takeover of ING Groep NV's (ING.AS) online banking unit would prove that "too big to fail" is alive and well. The Fed is holding the first of three nationwide hearings on Tuesday on the $9 billion deal that observers are characterizing as a test case for how the U.S. government will view big-bank mergers after the 2007-2009 financial crisis. During the crisis, U.S. taxpayers extended multibillion-dollar bailouts to large banks whose failure could have brought the financial system to its knees. Last year's Dodd-Frank financial oversight law did not force regulators to break up big banks, but instructed them to closely scrutinize future mergers.
Capital One Financial Corporation is a diversified financial services holding company. Shares of COF fell by 1.13% or $-0.49/share to $42.97. In the past year, the shares have traded as low as $35.94 and as high as $56.26. On average, 7149200 shares of COF exchange hands on a given day and today's volume is recorded at 6585851.
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