Did Wal-Mart Critics Make Their Case at Hearings? ELTnews American Banker (04/18/06) ; Adler, Joe The Federal Deposit Insurance Corp. (FDIC) recently wrapped up hearings on Wal-Mart's application for an industrial loan charter (ILC). The application has been criticized heavily by consumer groups and other interests, but many of their objections were answered by Wal-Mart and the FDIC. Wal-Mart's application would limit the retailer's banking operation to debit and credit card transactions; the application does not allow for the opening of retail bank branches, and Wal-Mart would likely have to reapply if it wanted to expand into the retail bank business. As a result, the ILC is not expected to have a major effect on community banks. Although Wal-Mart's operation would be one of the largest, many commercial businesses already own industrial banks without consumer objection. The FDIC is likely to approve the application, observers say. (April 25th hearing at the Overland Park Convention Center in Overland Park, Kansas, doors will open at 8:30 a.m. The hearing will begin at 9:00 a.m. and conclude at approximately 4:15 p.m. Admission at both hearing locations will be on a first-come, first-served basis.)
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