Capital One (COF) knows how to swallow consumer bank operations. But its two recent acquisitions come with a much higher risk of regulatory indigestion.

The McLean, Va., bank spent almost $12 billion in cash and stock buying ING Direct and a $30 billion HSBC credit card portfolio this year, after a months-long fight for regulatory approval. It is currently in the process of merging both businesses into its main operations, and recently told customers that ING Direct and Capital One will officially become one company on Nov. 1. It expects to spend a combined $630 million on the two integrations.

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