"Wal-Mart Bank” Ban Gets Crucial Committee Support

Law360, New York (May 2, 2007, 12:00 AM EDT) -- A key House committee has approved a bill aimed at closing a loophole that could potentially open the door for a wave of U.S. specialty banks owned by commercial retailers such as Wal-Mart.

On Wednesday, the U.S. House Financial Services Committee passed the measure by a voice vote, sending the bill on industrial loan companies to the full House floor for consideration.

While the legislation is expected to sail through the House, the bill may have a tougher time getting past the Senate, where similar proposals...
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