Wal-Mart has moved its efforts to establish a bank subsidiary to Utah, where it has filed application for an industrial loan company charter. Company officials said Wal-Mart plans to set up a payment processing business aimed at reducing its transaction costs.
Independent Community Bankers of America President and CEO Camden R. Fine issued the following statement regarding Wal-Mart's Utah application:
"ICBA has led the fight to close loopholes in the law to keep Wal-Mart and other commercial conglomerates out of the banking industry. Mixing banking and commerce is a dangerous combination that would produce an excessive concentration of economic power, jeopardize the impartial allocation of credit and extend the federal safety net where it was not intended. We will continue the fight in Congress to close remaining loopholes, such as the ILC loophole, to protect the integrity of our nation's financial system.
"We are aware of Wal-Mart's current 'no-branching' pledge, but are concerned that over time its business plans will change and it will seek to engage in retail banking operations. We will be watching the situation in Utah carefully."
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