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Board of Governors of the Federal Reserve System
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Press Release

Federal Reserve Press Release

Release Date: August 26, 2011

For immediate release

The Federal Reserve Board on Friday announced that it will hold three public meetings on the notice by Capital One Financial Corporation, McLean, Virginia, to acquire ING Bank, Wilmington, Delaware, and indirectly to acquire shares of Sharebuilder Advisors, LLC, and ING Direct Investing, Inc., both of Seattle, Washington (collectively, "ING"). The Federal Reserve Board also announced that it is extending the period for public comment on the proposal through Wednesday, October 12.

The purpose of these meetings, to be held in Washington, D.C., Chicago, and San Francisco, is to collect information related to the factors the Board is required to consider under the Bank Holding Company Act. These factors are whether the acquisition can be expected to produce benefits to the public, such as greater convenience, increased competition, and gains in efficiency, that outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interests, unsound banking practices, and risk to the stability of the U.S. banking or financial system. The Federal Reserve's review also includes an evaluation of the financial and managerial resources of the acquiring firm. In addition, in acting on a notice to acquire a savings association, the Board also reviews the records of performance of the relevant insured depository institutions under the Community Reinvestment Act.

Meeting details are:

  • Washington, D.C. Tuesday, September 20, 2011, beginning at 8:30 a.m. EDT, at a location to be determined. Agenda.

  • Chicago Tuesday, September 27, 2011, beginning at 8:30 a.m. CDT, at the Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, IL.

  • San Francisco Wednesday, October 5, 2011, beginning at 8:30 a.m. PDT, at the Federal Reserve Bank of San Francisco, 101 Market Street, San Francisco, CA.

All persons wishing to testify at the public meeting in Washington must submit a written request to Kimberly Zeuli, Vice President and Community Affairs Officer, Federal Reserve Bank of Richmond, 701 East Byrd Street, Richmond, VA 23261 (email: caorichmondfed@rich.frb.org; facsimile: 804/697-5460) no later than 5:00 p.m. EDT on September 9, 2011. All persons wishing to testify at the public meeting in Chicago must submit a written request to Alicia Williams, Vice President, Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, IL 60604 (email: ccaevents@chi.frb.org; facsimile: 312/913-2626) no later than 5:00 p.m. CDT on September 15, 2011. All persons wishing to testify at the public meeting in San Francisco must submit a written request to Scott Turner, Vice President and Community Affairs Officer, Federal Reserve Bank of San Francisco, 101 Market Street, Mail Stop 215, San Francisco, CA 94105 (email: scott.turner@sf.frb.org; facsimile: 415/393-1920) no later than 5:00 p.m. PDT, September 23, 2011.

The request to testify must include the following information: (i) the location of the meeting the participant wishes to attend; (ii) a brief statement of the nature of the expected testimony (including whether the testimony will support or oppose the proposed transaction or provide other comment on the proposal) and the estimated time required for the presentation; (iii) the address and telephone number (and e-mail address and facsimile number, if available) of the individual testifying; and (iv) the identification of any special needs, such as translation services, physical disabilities requiring assistance, or presentations requiring visual aids. Translators will be provided to the extent available if noted in the request to testify. Individuals interested only in attending a meeting, but not testifying, need not submit a written request.

The Federal Reserve will prepare a schedule for participants wishing to testify from the requests received for each meeting and establish the order of presentation. To ensure an opportunity for all interested commenters to present their views, the Federal Reserve may limit the amount of time allotted to each presentation. Persons not listed on the schedule may be permitted to speak at the public meeting, if time permits, at the conclusion of the schedule of witnesses, in the discretion of the Federal Reserve.  Copies of testimony may, but need not, be filed before a participant's presentation.

Public comments and materials relating to Capital One Financial Corporation and ING Bank hearing (comments will be updated as received).

For media inquiries, call 202-452-2955.

Federal Register notice: HTML | PDF

 
Last update: August 26, 2011