From Deseret News archives:
Is Wal-Mart starting a banking stampede?
But the state's chief bank regulator says a few industrial banks does not a galloping frenzy make, nor do they signal a broken banking system.
Home Depot announced Tuesday that it had agreed to buy EnerBank USA, a Salt Lake-based industrial bank that provides home improvement loans to contractors. The home improvement retailer said the deal is part of a strategy to grow its business with contractors and stressed like Wal-Mart that it has no intention of getting into retail banking.
But on Wednesday, the Independent Community Bankers of America, an advocacy group based in Washington, D.C., issued a statement drawing a line from Wal-Mart to Home Depot to a dismantled financial services structure.
"Our nation is at risk of dismantling a financial structure that has evolved over 200 years and has served our country well by giving us a safe, sound and strong financial system. Congress should not allow the line it created separating banking and commerce to be irreparably breached through a loophole in the law. ICBA urges Congress to examine this issue and its impact on our economy and communities, before it's too late."
Both the Wal-Mart and Home Depot applications are before the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions, which must approve them before banking operations can commence. Wal-Mart submitted its applications in July 2005.
The FDIC held public hearings in two cities on the Wal-Mart application in April and has yet to issue its ruling. It received a change of control notice regarding the Home Depot acquisition Tuesday.
David Barr, spokesman for the FDIC, told the Deseret Morning News that no new information was available regarding the Wal-Mart application or when a decision will be rendered.
Comments
- Tuesday on TV 12:13 a.m.
- 'Dancing' will fill out finale 12:13 a.m.
- I'll take doc's advice on mammogram 12:12 a.m.
- Editorial: Winning fans' hearts 12:11 a.m.
- Afterthoughts 12:11 a.m.
- Letters: Barzee case like Jeffs' 12:11 a.m.
- Letters: Trump card for believers 12:11 a.m.
- Letters: Can't erase genetics 12:11 a.m.
- Letters: Rushing to judge Palin 12:11 a.m.
- Letters: MLS not BCS 12:11 a.m.
- Real Champions
- Bronco, Kyle rubber match
- Protests against Phoenix LDS temple
- RSL wins MLS Cup on penalty kicks
- BYU's Lamb, Jorgensen reprimanded
- Plenty on line for rivalry game
- Time for big matchups in WAC, MWC
- BCS at-large bids up for grabs
- Hall, Johnson matchup key
- Is talking about religion taboo?
- Glenn Beck to enter politics?
212 - RSL wins MLS Cup on penalty kicks
195 - Palin plans tour stop in Utah
178 - Palin's book shows she's unqualified
132 - BYU records with win
132 - Bronco, Kyle rubber match
130 - Protests against Phoenix LDS temple
109 - Officer cleared in Cardall Taser case
103 - BYU cuts Women's Research Inst.
103 - Jazz finally win in San Antonio
99
Associated Press Personal Finance Writer Candice Choi offers gift-giving...
I hope Donny wins. His humility, courage and humor are very refreshing....
but it is Provo's Craig Drury polishing his 8 rings as head coach.
Like the newspaper said, "...the first time since '84 national...
I think Mya did not deserve the nine's from the 3 judges on her free dance -...
College football will NEVER revert to the old bowl system. It has gone too...
We don't need another layer of government, which obviously represents more...
And this surprises someone? It's too easy in Utah to deceive the masses....
We cannot afford this monstrosity! Any claims that it will save money are...
I grew up in SLC and have always been a huge BYU fan. Honestly I can say most...
These are not essential government programs needed to ensure our national...


You can be the first to comment on this story.