On February 14, pursuant to Section 4(j) of the Bank Holding Company Act (BHCA), the Fed issued an order approving the acquisition by Capital One Financial Corporation of ING Bank, fsb.  Of particular significance is the manner in which the Fed implemented the new requirement added to Section 4(j) of the BHCA by Section 604(d) of the Dodd-Frank Act.  It requires the Fed to consider “risk to the stability of the United States banking or financial system” to the list of possible adverse effects that the Fed must weigh against any expected public benefits in considering proposals under Section 4(j).  The February 14 order provides guidance as to certain types of transactions that would not likely present financial stability concerns because they likely would have only a de minimis impact on an institution’s “systemic footprint.”  The order provides three examples of such transactions: (i) an acquisition of less than $2 billion in total assets; (ii) a transaction resulting in a firm with less than $25 billion in total assets; and (iii) a corporate reorganization, absent evidence that the transaction would result in a significant increase in interconnectedness, complexity, cross-border activities, or other risk.  Fed Order.