Wal-Mart In CFPB Sights As Regulator Clarifies Powers

Law360, New York (March 5, 2012, 3:23 PM EST) -- When the Consumer Financial Protection Bureau wraps up its review of which entities it will oversee, Wal-Mart Stores Inc. is likely to be included under that umbrella, much to the delight of banks and consumer advocates who say the world's largest retailer provides the same services as a bank without the rules.

Since the middle of the previous decade, Wal-Mart and other retailers have provided check-cashing, bill-paying and reloadable prepaid cards among other services that are traditionally provided by banks, targeting largely low-income users who do...
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