BENTONVILLE, Ark. — Dealt a major regulatory setback in its bid to charter an industrial loan bank, Wal-Mart Stores Inc., insisted last week its application for deposit insurance remains unchanged adding, however, that its working relationship with credit unions remains positive.
"There is no change in our position," said John Kelly, director of financial services, in response to a new strategy the giant retailer might pursue following the Jan. 31 extension of a one-year ILC moratorium by the Federal Deposit Insurance Corp.
It was noted that Wal-Mart now has plenty of time to plot its next move while Congress deliberates the thorny ILC issue of joining commerce and banking. Still, half a dozen states have now adopted or are moving toward anti-ILC laws barring commercial firms from owning banks.
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