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Wal-Mart and Banking
William Emmons, St. Louis Fed economist
Oct. 29, 2006 (17:01)
Wal-Mart's 2005 application to operate its own industrial loan company (ILC) sparked a firestorm that's yet to die down.
- Why do some bankers feel threatened?
- Why shouldn't Wal-Mart's customers save on financial services, too?
- Is there any risk for taxpayers?
Additional Information
- Testimony in Congress by the Fed's general counsel
- Fed Gov. Donald Kohn's testimony in Congress in which he outlines the Fed's opposition to the ILC charter as currently configured
- Comments from St. Louis Fed President William Poole in his April 2006 column in The Regional Economist
- FDIC's announcement of a freeze on applications for deposit insurance by industrial loan companies
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