"We are not under any deadlines to act and are in the process of analyzing the 4,000 comment letters, the written testimony and the information contained in the application," Barr said. "I do not know how long that will take."

Neither the Wal-Mart application nor the Home Depot/EnerBank change of control documents had been accepted as complete by the Utah Department of Financial Institutions as of Wednesday, according to commissioner Edward Leary, and no further information was offered.

But Leary disputed Fine's characterization of industrial bank chartering activity in Utah as a "stampede," and the notion that industrial banks arose due to a legislative loophole.

"I reject the loophole notion," Leary said. "It is in the CEBA (Competitive Equality and Banking Act of 1987), a specific grant of exemption along with numerous other exemptions. I do not consider that a loophole."

In fiscal year 2002-03, one industrial bank commenced operations in Utah, Leary said. The next year, four more. In fiscal 2004-2005, three industrial banks opened, and five more have joined them so far this year. According to the department Web site, 38 industrial banks were chartered in Utah as of March 2006.

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E-mail: jnii@desnews.com