Wal-Mart Retreats From Bank Plan

Law360, New York (March 16, 2007, 12:00 AM EDT) -- Under pressure from lawmakers and other bankers, Wal-Mart Stores Inc. has opted to withdraw its application to open an industrial bank.

On Friday, the retail giant revealed that it had rescinded its application with the Federal Deposit Insurance Corp. in the face of “manufactured controversy” surrounding the plan, according to Jane Thompson, Wal-Mart’s president of financial services.

"Since the approval process is now likely to take years rather than months, we decided to withdraw our application to better focus on other ways to serve customers," said...
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