House Bill May Restrict Retailers From Bank Ownership

Law360, New York (July 10, 2006, 12:00 AM EDT) -- In a move to keep huge retailers out of the financial services market, house legislators will offer up a new bill this week to clamp down on commercial companies, such as Wal-Mart Stores Inc. and Home Depot Inc., looking to control their own banks.

The bill is aiming to target the banking regulator that is examining applications by Wal-Mart and Home Depot to purchase or establish industrial loan companies (ILCs), according to financial lobbyists.

The bill will be proposed at a Wednesday hearing and next week...
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