"This decision will remove the controversy surrounding their intentions," Bair said. "They don't need an ILC to play an important role in expanding access to financial services, they can do so by partnering with banks and others. We look forward to working with Wal-Mart in meeting the need for low-cost financial services across all populations."

Atlanta-based The Home Depot Inc. (NYSE: HD) also has applied to run its own bank. In 2006, Home Depot reported its desire to buy Salt Lake City, Utah-based industrial loan corporation EnerBank USA as a means to grow its professional customer business and sales. The bank would allow Home Depot to enable contractors to offer home improvement loans to their own remodeling customers.

"Any decision by Wal-Mart concerning its application for a new ILC in no way affects Home Depot's plans concerning EnerBank," Home Depot said in a statement. "The company's application for a change in control is on file with the FDIC. Meanwhile, The Home Depot is hopeful Congress will act so the FDIC can move forward with its review based on the merits of each individual application."

A record number of commercial businesses are currently pursuing industrial loan charters, including Berkshire Hathaway and the Blue Cross/Blue Shield Association. But the Independent Community Bankers of America (ICBA) has been lobbying Congress to close a loophole in the law that allows commercial firms to own ILCs. Banks and Realtors also have come out against Home Depot owning its own bank.

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