FDIC Comments on Wal-Mart ILC Withdrawal
FDIC Chairman Sheila C. Bair issued a statement earlier today following Wal-Mart's decision to withdraw its bank application. According to Bair, "Wal-Mart made a wise choice. This decision will remove the controversy surrounding their intentions. They don't need an ILC to play an important role in expanding access to financial services, they can do so by partnering with banks and others. We look forward to working with Wal-Mart in meeting the need for low-cost financial services across all populations."
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