A group of lawmakers on Friday said an industrial bank owned by Wal-Mart, the world's largest retailer, could threaten the stability of the U.S. financial system and drive community banks out of business. A group of more than 30 Congress members have asked the bank regulator to reject Wal-Mart's application to open a bank in Utah.
See "US Lawmakers: Wal - Mart Threatens US Payment System", Reuters, The New York Times, March 9, 2006