Wal-Mart Drops Pursuit of Bank Charter

[acmavm]

http://www.wakeupwalmart.com/news/bankvictory.html

<snip>


Stymied by a phalanx of opponents from big banks to unions and dogged by conflicting messages about its intentions, Wal-Mart withdrew a bid for a banking license Friday and said it would find other ways to serve customers' financial needs.
The world's largest retailer withdrew its application to the Federal Deposit Insurance Corp. for a bank charter after nearly two years of what it called "manufactured controversy".


<snip>

Wal-Mart repeatedly said its latest bid was about payment processing, not branch banking for consumers. It said it wanted to open an industrial bank to save millions of dollars it now pays outside banks to handle credit and debit card payments in its stores.

<snip>

The withdrawal came one day after a Republican member of the House Financial Services Committee accused Wal-Mart of "a pattern of deception and dishonesty" about its banking intentions.

Rep. Paul Gillmor of Ohio released an e-mail that showed Wal-Mart was renegotiating leases with outside banks in its stores to preserve Wal-Mart's right to offer a range of financial services, including mortgages and loans. Wal-Mart said those lease terms were nothing new.

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[silverojo]

1. K&R!

There IS a God, LOL!

[Hamlette]

2. I didn't think anyone in the world could be happier about this than me!

I was going to post myself but it seemed too personal. WalMart's application caused the FDIC to put a moritorium on all such charters and my husband's business is helping companies get that type of charter although he did not represent Walmart.

Anyway, it is great news in my household! We're back in business!!!