Fed Hearings on Capital One-ING Being Seen As Short-Term Hindrance

The Federal Reserve Board’s decision to schedule three public hearings on Capital One Financial Corporation’s bid for ING Bank of Wilmington, Del., is likely only a short-term setback for the transaction, experts said.

The Fed Aug. 26 scheduled hearings in Washington, D.C., Chicago, and San Francisco, to gather more information on the deal, and also extended the public comment period to Oct. 12.

Capital One announced the $9 billion cash and stock acquisition in June, saying purchase of ING’s direct deposit base from ING Group, a major Dutch institution, will make Capital One the fifth-largest depository institution in the United ...