Giving Watchdog Disputes Bank’s Charity Claims in Merger Bid
Chronicle of Philanthropy
October 5, 2011
A charity watchdog group is scheduled to appear before a federal agency today to challenge giving claims made by Capital One Financial Corporation, which is touting its charity in bidding to acquire the online banking leader ING, the Associated Press says.
In written testimony prepared for a Federal Reserve Board hearing Wednesday, the National Committee for Responsive Philanthropy contends Capitol One has given “at levels far lower than its peers” and urges regulators to be skeptical of the McLean, Va., bank’s pledge to donate $450-million in the next decade.
