This announcement got me thinking about the future of retail banking. Sort of half-serious, kinda.
“The Federal Deposit Insurance Corp. has agreed to hold a public hearing on Wal-Mart Stores Inc.’s application to charter an industrial loan company in Utah.”
“The public interest appears to be substantial, and the FDIC should make every effort to permit public participation and to be fully informed before making a final determination on this application,” acting FDIC Chairman Marty Gruenberg told lawmakers Friday.”
“Though Wal-Mart has repeatedly said it would use the bank only for debit and credit card processing, its application sparked 1,500 comment letters. The American Bankers Association and the Independent Community Bankers of America oppose it. Many community bankers worry the retail giant would use the charter to open retail branches in its stores.”
Their slogan “Always low prices. Always.” would seem to fit in well with the current attitude of the lending industry and appraisal fees.
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All I can think of is the country’s name changed to “United Walmart of America”. The ABA and the ICBA should be afraid, very afraid. If we could only bring back Teddy Roosevelt! We have reverted back to the age of the “robber barons” and while big business is a good thing and without iwhich we would not have the lifestyle we enjoy today ( although with the current obesity problem we are enjoying too much of a good thing) – lack of competition ( monopoly ) breeds mediocrity.
All I can think of is the country’s name changed to “United Walmart of America”. The ABA and the ICBA should be afraid, very afraid. If we could only bring back Teddy Roosevelt! We have reverted back to the age of the “robber barons” and while big business is a good thing and without which we would not have the lifestyle we enjoy today ( although with the current obesity problem we are enjoying too much of a good thing) – lack of competition ( monopoly ) breeds mediocrity.