Federal regulators last week put a hold on requests by Home Depot, Wal-Mart and at least a dozen other companies planning to get into the banking business. In the wake of uproar from Capitol Hill and others, the Federal Deposit Insurance Corp. announced a six-month moratorium on applications to either acquire industrial loan corporations or form new ones. It's unclear if the FDIC will issue a formal report or a policy change when the moratorium ends in January.
August 01, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Federal regulators on Friday put a hold on requests by Home Depot Inc., Wal-Mart Stores Inc. and at least a dozen other companies with plans to get into the banking business.
In the wake of uproar from Capitol Hill, some other banking regulators and consumer advocates, the Federal Deposit Insurance Corp. announced a six-month moratorium on applications to either acquire industrial loan corporations, known as ILCs, or form new ones.
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