Wal-Mart says it is dropping a request to operate an in-house bank. The federal government in January imposed a one-year moratorium on applications for industrial bank corporations.
The world's largest retailer said it wanted to set up a limited-purpose bank to process credit card and debit card payments. It currently pays someone else to process the transactions and wanted to save money by doing taking over the processing itself.
Wal-Mart says "manufactured controversy" led it to dump the
application. The company says its critics were wrong to believe
that Wal-Mart would one day hope to open its own bank branches in
In a statement, the company says that since the process to open a bank will now take years instead of months, it will instead focus on other projects.