Bloomberg reports that bills currently before the US Congress could make it easier for Wal-Mart and similarly minded retailers to acquire industrial loan companies, which can act like banks, taking deposits and offering checking accounts.
The legislation is designed to eliminated outmoded banking rules, but a number of independent banks have written to Congressional leaders advising them of their concerns.
A Wal-Mart spokesman said that the company would not comment on the proposed law because it does not apply to the company. “We don't own any banks, so we don't have a comment on it,” he said. “We don't speculate on what we may or may not do.”
The legislation is designed to eliminated outmoded banking rules, but a number of independent banks have written to Congressional leaders advising them of their concerns.
A Wal-Mart spokesman said that the company would not comment on the proposed law because it does not apply to the company. “We don't own any banks, so we don't have a comment on it,” he said. “We don't speculate on what we may or may not do.”
- KC's View:
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They don’t. So we will.
Yesterday, it was speculation about Wal-Mart getting into the foodservice distribution business. Today, it’s banking.
We have no doubt that Wal-Mart is considering any and all of these possibilities.
