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FDIC Seen as Extending ILC Moratorium

With heightened opposition from the banking lobby and labor groups to Wal-Mart's entry into retail banking, the Federal Deposit Insurance Corp. appeared ready last week to extend its moratorium for another six months on the retailer as well as Home Depot stores from chartering industrial loan banks.

By Jim Rubenstein | Updated on February 06, 2007

WASHINGTON — With heightened opposition from the banking lobby and labor groups to Wal-Mart’s entry into retail banking, the Federal Deposit Insurance Corp. appeared ready last week to extend its moratorium for another six months on the retailer as well as Home Depot stores from chartering industrial loan banks.

The first moratorium was imposed last July after the American Bankers Association and the Independent Community Bankers of America complained of unfair competition and a breakdown of barriers against commercial entry into retail banking if the FCIC granted deposit insurance to the two retailers.

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