Wal-Mart Submits Revised Bank Application to FDIC

Wal-Mart unveiled even more changes to its much-beleaguered industrial bank application Wednesday, detailing financial projections, capital plans, and management structure. The revised application also shows that bank capital would start at $125 million, rising to $150.9 million by the end of its third year of operation, according to a story by Reuters. Wal-Mart hopes that the changes will make its bank application more attractive.

The proposed bank, according to the global superstore, would be used by Wal-Mart to more easily and efficiently process electronic payments. Wal-Mart has also gone on record as saying that it has no intention of offering those processing services to other retailers, offering banking services to the public, or to open bank branches.

The project still remains under intense scrutiny and is garnering increasing opposition from Congress, to Capitol Hill, to industry watchdogs.

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