While lawmakers raising concerns about a potential merger is nothing new, Rep. Barney Frank added a unique twist to his letter asking the Federal Reserve Board to take more time to review the Capital One-ING Direct transaction: the potential for systemic risk.

The Massachusetts Democrat said that because the merger would create the fifth-largest bank by deposits, "care should be taken to thoroughly examine the impact of this purchase with respect to the consolidation of banking assets."

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.