The Federal Reserve Board's decision to hold public hearings and extend the comment period on Capital One Financial Corp.'s planned acquisition of ING Direct has drawn the ire of House Financial Services Chairman Spencer Bachus.

In a letter to Fed Chairman Ben Bernanke Wednesday, Bachus, an Alabama Republican, disputed claims that the deal would create another "too big to fail" bank and objected to arguments that Capital One has a poor record of lending in low-income neighborhoods. He also questioned why regulators would want to delay a deal that has potential to create jobs.

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