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Tubbs Jones Asks FDIC to Reject Industrial Bank Charter Application for Wal-Mart.
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PR Newswire
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March 10, 2006
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Copyright informationCOPYRIGHT 2006 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON, March 10 /PRNewswire/ -- Today, Congresswoman Stephanie Tubbs Jones sent a letter to Federal Deposit Insurance Corporation (FDIC) Vice Chairman Martin Gruenberg urging them to reject the Industrial Bank Charter Application of Wal-Mart Stores, Inc. Rep. Tubbs Jones was joined in this effort by 39 of her colleagues in Congress.
"I oppose Wal-Mart's application for an ILC Charter because of their demonstrated predatory business model. If Wal-Mart expands its operations into banking, there is nothing to stop them from expanding their operations into the retail banking industry. This not only threatens community banks and credit unions but national banking ...
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