WASHINGTON — The Federal Reserve Board on Monday considered Capital One Financial Corp.’s $9 billion plan to buy ING Direct USA from ING Group NV, but the central bank isn’t ready to issue a decision just yet, according to an agency spokesperson.
“The board considered the application at its meeting Monday afternoon and expects to issue a decision soon,” said the spokesperson in a statement late Monday. “No further announcement is expected today.”
Consumer groups have opposed the plan, arguing that it would create a giant company that could put the health of the U.S. financial system at risk. But industry analysts have been expecting the Fed to approve the McLean, Va.-based bank’s proposal to buy the Internet bank.
A decision was initially expected last week, but the meeting was postponed until Monday. It’s unclear now when the Fed will issue a decision.
