Faced with mounting opposition on Capitol Hill, Wal-Mart Stores last week withdrew its controversial request to launch an industrial loan company. The prior day, Rep. Paul Gillmor had disclosed a copy of a lease that he termed a "smoking gun," saying it proved that Wal-Mart planned to provide full-service retail banking, despite the company's denials. Gillmor and Rep. Barney Frank did not signal any intent to drop legislation that would ban commercial company ILCs.
March 19, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Faced with mounting opposition on Capitol Hill, Wal-Mart Stores Inc. Friday withdrew its request with federal regulators to launch a controversial type of bank.
“Wal-Mart has withdrawn the application we made in July 2005 for an industrial loan company charter,” the Bentonville, Ark.-based retailing giant announced.
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