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Wal-Mart Listens to Opposition Concerning Bank

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Updated: April 17, 2007
Today marked the first of two public hearings in Arlington, Virginia on the plan. Walmart says it wants a bank to manage its own credit, debit and electronic transactions. While Wal-Mart insists it has no intentions of opening up branches, community banks object to the plan. CEO of United Bank Arthur Johnson said, "We can not overlook this, particularly with a retailer with a demonstrated desire for full service banking" Wal-Mart has tried to buy a bank before, but saw plans stopped by Congress and federal regulators.

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