• Published reports say that the California State Legislature has shelved a bill that would have allowed non-financial institutions – specifically Wal-Mart – to own banks in the state.
While the bill would have allowed companies such as Wal-Mart to own and operate an industrial bank, lobbying by the California independent Bankers association defeated any chance the measure had of succeeding.
Wal-Mart would like to own financial services institutions so it could cut down on its transaction fee costs.
While the bill would have allowed companies such as Wal-Mart to own and operate an industrial bank, lobbying by the California independent Bankers association defeated any chance the measure had of succeeding.
Wal-Mart would like to own financial services institutions so it could cut down on its transaction fee costs.
- KC's View:
