Senate Says No to Wal-Mart Banks

1 decade 2 years 9 months ago Thursday, April 06 2006 Apr 6, 2006 Thursday, April 06, 2006 7:12:04 PM CDT April 06, 2006 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
Wal-Mart is under intense scrutiny over its application to run an industrial bank in Utah. The world's largest retailer says it simply wants to handle the millions of credit and debit card payments that go through its stores every year in-house. Federal regulators plan a first round of hearings on the application next week. Opponents say it's a front for plans to expand into branch banking that would compete with local banks. Wal-Mart says the Missouri bill doesn't matter because it doesn't plan to enter branch banking.

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