The Federal Reserve Board Monday considered Capital One's $9 billion plan to buy ING Direct USA and expects to release a decision shortly, according to an agency spokesperson.

Fed officials held a much-anticipated meeting this afternoon on the McLean, Va.-based bank's controversial proposal.

Consumer groups have opposed the plan, arguing that it would create a giant firm that could put the health of the U.S. financial system at risk. But industry analysts expect the Fed to approve the proposal.

"The board considered the application at its meeting this afternoon and expects to issue a decision soon," said the spokesperson in a statement. "No further announcement is expected today."

A decision was initially expected last week, but the meeting was postponed until today.

   -By Maya Jackson Randall, Dow Jones Newswires; 202-862-6687, maya.jackson-randall@dowjones.com
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