We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

"Wal-Mart Bank” Ban Gets Crucial Committee Support

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.