Wal-Mart Bank's application is about to go under the microscope at the Utah Department of Financial Institutions and Federal Deposit Insurance Corp.

Here's what happens locally:

The application will be given a cursory once-over to make sure it is complete. If it passes muster, it will be sent to a senior examiner for an even closer look, according to Edward Leary, commissioner of the Utah department. During this examination period, public portions of the application will be made available, Leary said.

Once the examiner — in this case, Darryle Rude — completes his review, he will send his findings and recommendations to the commissioner.

From there, Leary said, "I can choose a number of things. I can take additional input. I can hold a public hearing. We can review the application further and look for additional things or approve the application subject to compliance to a number of conditions."

Public hearings have been held on bank applications in the past, Leary said, though not recently.

The average examination period is six months, Leary said.

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Though he declined to comment specifically about Wal-Mart, Leary said the general description of Wal-Mart Bank's proposed operating plan "is an activity that would fall readily within the definition of a financial activity."

"A number of industrial banks do offer products or services that are unique to their owners," Leary said.

Target Stores, for example, has an industrial bank in Utah that offers commercial or small-business credit cards to foundations and small businesses that purchase products at Target stores. BMW Bank of North America, also in Salt Lake City, provides credit card services.