Wal-Mart Listens to Opposition Concerning Bank
By:
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.
