Is Wal-Mart a victim of its own success? Judging by the chilly reception the company received during a public hearing before the Federal Deposit Insurance Corp., regarding its application to open an industrial bank, the company clearly has its detractors.

Despite Wal-Mart's promises that it would never, ever open bank branches, which came with an offer to commit the pledge to writing, critics were undeterred. "Don't believe it," said Rep. Stephanie Tubbs Jones, D-Ohio. The retail chain "starts small and it expands, it expands, it expands. If you give them an opportunity to expand, they will do it."

Wal-Mart being Wal-Mart, much of this debate is driven by emotion. Its size, economic heft and history of bringing down rivals is unparalleled. It also has a proud tradition of philanthropic works, including efforts to recover missing children.

No one envies the banking regulators charged to make this decision. Regardless how one feels about Wal-Mart the retailer, the decision whether Wal-Mart can establish an industrial bank needs to be guided by the law, regulatory requirements and an evaluation of its corporate character and management practices. After all, the FDIC has already approved an industrial bank application for a Wal-Mart competitor, Target. This was accomplished with very little protest from other financial services competitors.

Wal-Mart officials say the focus of the proposed bank would be narrow — to cut out a third party in credit card transactions. This would cut costs for the retailer, which it could pass on to consumers in the form of lower prices. This industrial loan corporation would in no way infringe upon consumer banks, Wal-Mart officials say.

At the end of the day, Wal-Mart needs to be judged by the same criteria as the other companies that have established industrial banks, also known as industrial loan corporations. Even when dealing with the Goliath of retail, banking regulators have an obligation to play fair with its applicants. Likewise, Wal-Mart has a duty to keep its promises to strictly limit the scope of its proposed industrial bank.