NGA OPPOSES WAL-MART BANK

WASHINGTON - The National Grocers Association has joined critics of Wal-Mart Stores' plans to launch a banking operation.saying that loopholes in federal policy could allow the retailer to engage in interstate banking without being subject to the same supervision and restrictions as other banks.Bentonville, Ark.-based Wal-Mart has applied to open a type of bank known as an industrial loan company

WASHINGTON - The National Grocers Association has joined critics of Wal-Mart Stores' plans to launch a banking operation.

saying that loopholes in federal policy could allow the retailer to engage in interstate banking without being subject to the same supervision and restrictions as other banks.

Bentonville, Ark.-based Wal-Mart has applied to open a type of bank known as an industrial loan company to process its own credit and debit transactions. However, opponents fear the r

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TAGS: Walmart