The Fed has delayed a scheduled meeting on Wednesday for the second time in the week. Consumer groups have been urging the Fed’s Board of Governors not to approve the deal. Criticism also came from the National Community Reinvestment Coalition that said a merger would build the fifth-largest bank of the nation that would prove to be another too-big-to-fail financial entity. The group was also skeptical about Capital One’s earnestness in local job creation and community reinvestment.

 

The executive director of the Delaware Community Reinvestment Action Council said that her group was seeking conditions to be imposed that would require the merged bank to be more responsive to community needs. Capital One has already agreed to a Delaware Strategic Fund Job Creation Incentive of $5.6 million along with up to $1.5 million for capital investments to Wilmington facility. The incentives will only materialize if the deal goes through and additional jobs are created.