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The Controversy Behind ING Direct's Cafes

Sunday, January 8, 2012 - 9:36 PMING DIRECT - Details
I always thought the main reason ING Direct cafes didn't take deposits or provide other branch services was to keep down costs. It may have more to do with reducing regulatory burden (which I suppose also keeps down costs). From the New York Times:
In 2001, before it opened its first cafe in New York, ING Direct successfully petitioned the Treasury Department’s Office of the Comptroller of the Currency for permission to open cafes as “agency offices” rather than branches, effectively exempting them from Community Reinvestment Act regulations.

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Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
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