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ARTICLE · 21 MARCH 2007

Wal-Mart Withdraws Industrial Loan Company Application

Goodwin Procter LLP
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On March 16, 2007, Wal-Mart notified the FDIC that it was withdrawing its application, filed in July 2005, seeking the grant of an industrial loan company ("ILC") charter. Wal-Mart’s application had been filed in order to reduce Wal-Mart’s cost in processing credit, debt card and electronic check transactions.

United StatesFinance and Banking

Contents:

Developments of Note

  • Wal-Mart Withdraws Industrial Loan Company Application

  • Banking Agencies Publish Supplemental Guidance on Basel II—Internal Ratings-Based Systems for Credit Risk – Part 1

  • GAO Issues Report on FRB, OTS and SEC Consolidated Supervision of Financial Services Firms

  • Federal District Court Dismisses Excessive Fee Suit Against Mutual Fund Adviser

    • Developments of Note

    Wal-Mart Withdraws Industrial Loan Company Application

    On March 16, 2007, Wal-Mart notified the FDIC that it was withdrawing its application, filed in July 2005, seeking the grant of an industrial loan company ("ILC") charter. Wal-Mart’s application had been filed in order to reduce Wal-Mart’s cost in processing credit, debt card and electronic check transactions. Wal-Mart stated that it decided to withdraw following the FDIC’s decision in January to extend its moratorium on a number of pending ILC applications. Wal-Mart’s press release stated that Wal-Mart’s application had been

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