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Washington
Inside Washington (08/18/2011)
* WASHINGTON (8/19/11)--U.S. Rep. Barney Frank (D-Mass.) requested in a letter to Fed Chairman Ben Bernanke that the Federal Reserve extend its review of Capital One Financial Corp.’s purchase of ING Direct USA (The New York Times Aug 18). In the letter, Frank said the ING acquisition would create the fifth-largest bank in the U.S. and its impact should be examined to ensure compliance with the Community Reinvestment Act. Frank, the senior Democrat on the House Financial Services Committee, asked the Fed to extend the public comment period on the acquisition for at least 60 days and hold public hearings on its economic impact. Consumer rights advocates have raised objections to the deal. The National Community Reinvestment Coalition (NCRC) said Capital One’s acquisition of ING Direct may create another large bank whose failure could disrupt the financial system. In a statement issued Aug. 12, the NCRC also called for the public comment period to be extended for at least 60 days … * WASHINGTON (8/19/11)--A federal appeals court decision in July blocking a Securities and Exchange Commission (SEC) rule that would have made it easier for shareholders to nominate company directors has created hope for industry groups seeking legal challenges to the Dodd-Frank Act (The New York Times Aug 18). While the SEC is considering an appeal of the ruling, industry groups have met in Washington to discuss other possible cases that could challenge Dodd-Frank. Among the cases under consideration are the SEC’s new corporate whistle-blower program and a provision related to the extraction of oil and natural gas from foreign countries. The Commodity Futures Trading Commission’s plan to curb speculative trading also has been discussed. A single lawsuit contesting the constitutionality of Dodd-Frank would be cost prohibitive, take years to adjudicate and have little chance of succeeding, according to legal experts …


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