National Committee for Responsive Philanthropy Challenges Capital One-ING Direct Merger
Philanthropy News Digest
October 6, 2011
In testimony provided to the Federal Reserve Board of Governors on Wednesday, National Committee for Responsive Philanthropy executive director Aaron Dorfman questioned Capital One's acquisition of the ING Direct online banking service, the Associated Press reports.
Under the 2010 Dodd-Frank Wall Street Reform Act, a bank acquiring another bank must provide a benefit to the public that outweighs the adverse effects of the acquisition. In testimony before the Federal Reserve in Chicago last month, Capital One, which has pledged to commit $450 million over ten years to charitable causes if the acquisition is approved, made philanthropy a centerpiece of its argument that the acquisition would produce significant public benefit and outlined aspects of its commitment.
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