[Federal Register Volume 76, Number 171 (Friday, September 2, 2011)]
[Notices]
[Pages 54770-54771]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-22483]
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FEDERAL RESERVE SYSTEM
Public Meeting: Notification by Capital One Financial
Corporation, McLean, VA, To Acquire ING Bank, FSB, Wilmington, DE, and
Indirectly To Acquire Shares of Sharebuilder Advisors, LLC and ING
Direct Investing, Inc., Both of Seattle, WA
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice of public meeting.
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SUMMARY: Three public meetings will be held regarding the notice
submitted by Capital One Financial Corporation, McLean, Virginia, to
acquire ING Bank, FSB, Wilmington, Delaware, and indirectly to acquire
shares of Sharebuilder Advisors, LLC, and ING Direct Investing, Inc.,
both of Seattle, Washington, pursuant to the Bank Holding Company Act
(``BHC Act'') and related statutes. The purpose of the public meetings
is to collect information relating to factors the Board is required to
consider under the BHC Act.
DATES: The meeting dates are:
(1) Tuesday, September 20, 2011, 8:30 a.m. EDT, Washington, DC.
(2) Tuesday, September 27, 2011, 8:30 a.m. CDT, Chicago, IL.
(3) Wednesday, October 5, 2011, 8:30 a.m. PDT, San Francisco, CA.
ADDRESSES: The public meeting locations are:
(1) Washington, DC--Renaissance Washington DC Downtown Hotel, 999
Ninth Street, NW. Washington DC 20001.
(2) Chicago--Federal Reserve Bank of Chicago, 230 South LaSalle
Street, Chicago, IL 60604.
(3) San Francisco--Federal Reserve Bank of San Francisco, 101
Market Street, San Francisco, CA 94105.
FOR FURTHER INFORMATION CONTACT: For the Washington meeting: Kimberly
Zeuli, Vice President and Community Affairs Officer, Federal Reserve
Bank of Richmond, 701 East Byrd Street, Richmond, VA 23261. E-mail:
[email protected]; facsimile: 804/697-5460.
For the Chicago meeting: Alicia Williams, Vice President, Federal
Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, IL 60604.
E-
[[Page 54771]]
mail: [email protected]; facsimile: 312/913-2626.
For the San Francisco meeting: Scott Turner, Vice President and
Community Affairs Officer, Federal Reserve Bank of San Francisco, 101
Market Street, Mail Stop 215, San Francisco, CA 94105. E-mail:
[email protected]; facsimile: 415/393-1920.
SUPPLEMENTARY INFORMATION: On July 15, 2011, Capital One Financial
Corporation, McLean, Virginia (``Capital One''), requested the Board's
approval under the Bank Holding Company Act (12 U.S.C. 1841 et seq.)
(``BHC Act'') and related statutes to acquire ING Bank, FSB,
Wilmington, Delaware, and to indirectly acquire shares of Sharebuilder
Advisors, LLC and ING Direct Investing, Inc., both of Seattle,
Washington (collectively, ``ING''). The General Counsel, acting under
authority delegated by the Board, hereby orders that public meetings on
the Capital One/ING proposal be held in Washington, DC; Chicago,
Illinois; and San Francisco, California.
Purpose and Procedures
The purpose of the public meetings is to collect information
relating to the factors the Board is required to consider under the BHC
Act. The Board is required to consider whether the notificant's
performance of the activities can reasonably be expected to produce
benefits to the public (such as greater convenience, increased
competition, and gains in efficiency) that outweigh possible adverse
effects (such as undue concentration of resources, decreased or unfair
competition, conflicts of interests, unsound banking practices, and
risk to the stability of the United States banking or financial
system). Consideration of the above factors includes an evaluation of
the financial and managerial resources of the notificant, including its
subsidiaries, and any company to be acquired; the effect of the
proposed transaction on those resources; and the management expertise,
internal control and risk-management systems, and capital of the entity
conducting the activity. In acting on a notice to acquire a savings
association, the Board also reviews the records of performance of the
insured depository institutions involved in the proposal under the
Community Reinvestment Act, which requires the Board to take into
account a relevant institution's record of meeting the credit needs of
its entire community, including low- and moderate-income neighborhoods,
consistent with the safe and sound operation of the institution, in
evaluating such an acquisition proposal. 12 U.S.C. 2903.
Procedures for Meeting
Testimony at the public meetings will be presented to a panel
consisting of a Presiding Officer and other panel members appointed by
the Presiding Officer. The Presiding Officer will have the authority
and discretion to ensure that the meetings proceed in a fair and
orderly manner. In contrast to a formal administrative hearing, the
rules for taking evidence in an administrative proceeding will not
apply to the public meetings. Panel members may question witnesses, but
no cross-examination of witnesses will be permitted. The public
meetings will be transcribed, and the transcripts will be posted on the
Board's public Web site within several days after each meeting.
Information regarding the procedures for obtaining a copy of the
transcripts will be announced at the public meetings.
The Presiding Officer will prepare a schedule for persons wishing
to testify from the requests received for each meeting and establish
the order of presentation. To ensure an opportunity for all interested
commenters to present their views, the Presiding Officer may limit the
amount of time allotted to each presentation. Persons not listed on the
schedule may be permitted to speak at the public meeting, if time
permits, at the conclusion of the schedule of witnesses in the
discretion of the Presiding Officer. Copies of testimony may, but need
not, be filed with the Presiding Officer before a person's
presentation.
Request To Testify
Washington, DC: All persons wishing to testify at the public
meeting in Washington must submit a written request to Kimberly Zeuli,
Vice President and Community Affairs Officer, Federal Reserve Bank of
Richmond, 701 East Byrd Street, Richmond, Virginia 23261 (e-mail:
[email protected]; facsimile: 804/697-5460) no later than 5
p.m. EDT, September 9, 2011.
Chicago, IL: All persons wishing to testify at the public meeting
in Chicago must submit a written request to Alicia Williams, Vice
President, Federal Reserve Bank of Chicago, 230 South LaSalle Street,
Chicago, Illinois 60604 (e-mail: [email protected]; facsimile: 312/
913-2626) no later than 5 p.m. CDT, September 15, 2011.
San Francisco, CA: All persons wishing to testify at the public
meeting in San Francisco must submit a written request to Scott Turner,
Vice President and Community Affairs Officer, Federal Reserve Bank of
San Francisco, 101 Market Street, Mail Stop 215, San Francisco,
California 94105 (e-mail: [email protected]; facsimile: 415/393-
1920) no later than 5 p.m. PDT, September 23, 2011.
The request to testify must include the following information: (i)
The location of the meeting the participant wishes to attend; (ii) a
brief statement of the nature of the expected testimony (including
whether the testimony will support or oppose the proposed transaction
or provide other comment on the proposal) and the estimated time
required for the presentation; (iii) the address and telephone number
(e-mail address and facsimile number, if available) of the person
testifying; and (iv) the identification of any special needs, such
translation services, physical disabilities requiring assistance, or
presentations requiring visual aids. Translators will be provided to
the extent available if noted in the request to testify. Persons
interested only in attending a meeting, but not testifying, need not
submit a written request to attend.
Board of Governors of the Federal Reserve System, August 29,
2011.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. 2011-22483 Filed 9-1-11; 8:45 am]
BILLING CODE 6210-01-P