Wal-Mart is withdrawing its application for a bank charter, which aroused widespread opposition from banks, lawmakers and consumer groups, and spurred debate within Congress and before the FDIC

a sad win for the incumbents. they sure could use that competition.
2007-08-27:

Walmart failed to get approval for a bank. But the giant discount chain is effectively building one anyway. Wal-Mart said yesterday that it would rapidly expand the financial services offered in its vast network of stores, extending the reach of its retailing empire into its shoppers’ wallets and the traditional turf of the American banking industry.

i hope they can do that. this sclerotic industry needs some disruption. plus capturing the unbanked has upsides all around

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