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Wednesday, August 17, 2011 04:15 PM

Congressman Barney Frank Joins NCRC & Other Community Groups, Calling on Federal Reserve to Hold Public Hearings on Capital One Acquisition of ING Direct

Washington, DC -- Today, ranking member Barney Frank of the House Financial Services Committee sent a letter to Federal Reserve Board Chairman Ben Bernanke supporting the National Community Reinvestment Coalition (NCRC) and over a dozen other civil rights and consumer organization’s call for public hearings and an extended comment period on the Capital One acquisition of ING Direct. John Taylor, President & CEO of NCRC made this statement:

“We want to thank Congressman Frank for calling on the Federal Reserve to allow for an adequate review of the Capital One acquisition of ING Direct. We have serious concerns about the impact of the deal on consumers, communities and the economy. Why rush to create another Too-Big-to-Fail bank? This is an important first test of whether or not when we passed financial reform we also changed the regulatory culture that brought us a foreclosure crisis, a financial crisis and a Great Recession.”

About the National Community Reinvestment Coalition (NCRC):
The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America's working families.  

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