Wal-Mart Bank Bid Faces Hurdles as Worries are Voiced

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00012734-wal-mart-bank-bid-faces-hurdles-as-worrie/

By Kristin Roberts, Reuters

Wal-Mart faces new hurdles in its bid to open a bank as resistance mounts among members of Congress and the Federal Reserve to allowing the world’s biggest retailer to start even limited financial operations.

In recent days, the U.S. regulator reviewing Wal-Mart’s application said it would likely call a public hearing on the company bid — the agency’s first formal hearing ever on a new bank application.

Federal Reserve Chairman Alan Greenspan also chimed in, according to a letter seen by Reuters, urging Congress to close what he called a loophole in U.S. law that allows corporations to own banks but avoid a level of federal supervision.

For this complete story, please visit Wal-Mart Bank Bid Faces Hurdles as Worries are Voiced.