News

Wal-Mart bank charter application raises fears

July 19, 2006

International Herald Tribune: Rep. Barney Frank, D-Mass. and Rep. Paul Gillmor, an Ohio Republican, introduced a bill this week to bar nonfinancial companies from operating banks. The bill was in response to Wal-Mart's application nearly a year ago for a bank charter, a move that concerned small banks in United States which believe the company is trying to drive them out of business.

The bill would require companies that received charters after June 1 to divest their banks within two years unless at least 85 percent of their revenue comes from financial services.

Read more 

Read also: Wal-Mart bid causes rift between community banks, Wal-Mart bank approval will hurt independent bankers, analysts say, Banks fight Wal-Mart's application for bank charter and Wal-Mart applies for limited banking charter.