[Federal Register Volume 76, Number 171 (Friday, September 2, 2011)]
[Notices]
[Pages 54770-54771]
From the Federal Register Online via the Government Printing 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: 
caorichmondfed@rich.frb.org; 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: ccaevents@chi.frb.org; 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: 
scott.turner@sf.frb.org; 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: 
caorichmondfed@rich.frb.org; 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: ccaevents@chi.frb.gov; 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: scott.turner@sf.frb.org; 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