Senator Opposes Ban On Retail-Owned Banks

Law360, New York (October 4, 2007, 12:00 AM EDT) -- A Utah senator has expressed strong resistance to attempts to overturn laws which allow commercial companies such as Wal-Mart Stores Inc. to own banks, suggesting that a battle may loom over an impending Senate bill.

Sen. Robert Bennett (R-Utah) made his remarks at a hearing on Tuesday before the U.S. Senate Committee on Banking, Housing and Urban Affairs regarding possible changes in the regulation and supervision of industrial loan companies, or ILCs.

The state-chartered companies, which are primarily regulated by the Federal Deposit Insurance Corp., are...
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