Government Approves Capitol One Deal For ING

The Federal Reserve approved a buyout of ING Direct by Capitol One

The Fed announced

Based on the foregoing and all the facts of record, the Board has determined that the proposal should be, and hereby is, approved.85 In reaching its conclusion, the Board has considered all the facts of record in light of the factors that it is required to consider under the BHC Act. The Board’s approval is specifically conditioned on compliance by Capital One and FSB with the conditions imposed in this order and the commitments made to the Board in connection with the notice. The Board’s approval also is subject to all the conditions set forth in Regulation Y, including those in sections 225.7 and 225.25(c),86 and to the Board’s authority to require such modification or termination of the activities of a bank holding company or any of its subsidiaries as the Board finds necessary to ensure compliance with, and to prevent evasion of, the provisions of the BHC Act and the Board’s regulations and orders issued thereunder. For purposes of this action, these conditions and commitments are deemed to be conditions imposed in writing by the Board in connection with its findings and decision herein and, as such, may be enforced in proceedings under applicable law.