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Wal-Mart Bank Proposal in Peril?

By:

Updated: April 17, 2007

The sponsors of the bill say it would restore the separation between banking and commerce. Wal-Mart asked the Federal Deposit Insurance Corporation to approve an application for the retailer to open an ILC to process electronic payments. The new legislation introduced would not affect ILC`s chartered before Oct. 1, 2003. Wal-Mart had this to say, "On behalf of its customers, Wal-Mart would be very disappointed if Congress eliminated its ability to obtain an ILC charter."

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