WASHINGTON — While lawmakers raising concerns about a potential merger is nothing new, Rep. Barney Frank added a unique twist to his letter asking the Federal Reserve Board to take more time to review the Capital One-ING Direct transaction: the potential for systemic risk.
The Massachusetts Democrat said that because the merger would create the fifth-largest bank by deposits, "care should be taken to thoroughly examine the impact of this purchase with respect to the consolidation of banking assets."
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