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Industrial Loan Companies: An Interview with Fed Economist William Emmons


Wal-Mart's application last year 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?

Hear the answers to these questions and more in a 17-minute interview with William Emmons, senior economist in the Banking Supervision and Regulation Division of the St. Louis Fed.

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