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Missouri Bankers Cite Anti-ILC Wal-Mart Law in FOM Fight

JEFFERSON CITY, Mo. - The banking industry attack on Wal-Mart Stores Inc. may have borne fruit this month in a tough new Missouri law on industrial loan banks but credit unions are in wait-and-see mode about any new olive branch in the field of membership battle.

By Jim Rubenstein | Updated on July 25, 2006

JEFFERSON CITY, Mo. – The banking industry attack on Wal-Mart Stores Inc. may have borne fruit this month in a tough new Missouri law on industrial loan banks but credit unions are in wait-and-see mode about any new olive branch in the field of membership battle.

“We indicated we would come to the table and talk,” is how the Missouri Credit Union Association put it in responding to an appeal by the Missouri Bankers Association that bank and CU groups meet before the November elections to iron out a compromise package on FOM rules following a series of state court rulings.

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