FDIC says Hearing likely on Wal-Mart Bank Bid

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

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http://www.insidearm.com/news/00015009-fdic-says-hearing-likely-on-wal-mart-bank/

By Kristin Roberts, Reuters

U.S. regulators will likely hold a public hearing on Wal-Mart’s application to open a bank, the supervisory agency told lawmakers in a letter indicating the retailer’s controversial bid may be delayed.

Federal Deposit Insurance Corp. Acting Chairman Martin Gruenberg, following calls from some in Congress to hold up action on Wal-Mart’s application, also said he believed the agency’s board vacancy would be filled before a decision is made, according to the letter obtained by Reuters.

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