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Article: Ruling expected this week on Wal-Mart's plan to open bank.
- Article from:
- Atlanta Journal-Constitution
- Article date:
- January 28, 2007
CopyrightCOPYRIGHT 2007 The Atlanta Journal-Constitution. 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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Byline: Marilyn Geewax
Jan. 28--WASHINGTON -- The federal agency that insures bank deposits is expected to decide this week whether Wal-Mart Stores can move ahead with its plan to open a bank.
Wal-Mart critics want the Federal Deposit Insurance Corp.'s board, which meets Wednesday, to deny the retailer's application for a type of bank known as an industrial loan company, or ILC.
Since the Great Depression, Congress has kept commercial companies out of the highly regulated banking industry. But ILCs are an exception. These limited-service banks can be owned by commercial companies, such as retailers, and are free to make loans and take deposits ...