Wal-Mart Comments On FDIC Wal-Mart ILC Hearing Today

"We thank the FDIC for providing us the opportunity to clarify and correct much of the confusion and misinformation that exists about our application and our intentions.

"Today's hearing made it clear that regulators can choose between approving a routine application or yielding to unfounded speculation and heated rhetoric about topics unrelated to our application.

"Our application and testimony should convince regulators that we will continue to support and expand upon the over 1150 independent bank branches already in our stores, and that our goal is to save money on transaction costs and then pass on those savings to working families who shop in our stores. We've made it clear to regulators that the scope of our plan is limited and specific and that anyone who suggests otherwise is simply wrong.

"Instead of supporting our efforts to help save even more money for working families across the country, our critics chose to distort the facts and raise fears about activities our application prohibits.

"In the end, we think regulators will see through their rhetoric, and we're confident they will approve this application based on its strong, pro- consumer merits, just as they have approved some 60 similar applications."