Will Wal-Mart Get Its Bank?
Marilyn Geewax reports for Cox News on Wal-Mart's applications with the Utah Department of Financial Institutions and the FDIC to charter a new special purpose bank. The applications have provoked an uproar among community bankers who fear Wal-Mart's ambitions with the new bank.
"Wal-Mart says the backlash is unfair and out of proportion, given that it has asked only to charter a small, limited-purpose bank in Utah. The retail leviathan argues that it needs an in-house bank to help with the daily processing of millions of routine business transactions. About 60 other companies, including rival Target Corp., already have such a banking operation."
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