Banks fret over Wal-Mart’s foray into checking

From: The Hill

By Peter Schroeder

The banking industry is airing concerns about Wal-Mart’s bid to provide checking accounts.

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The Consumer Bankers Association, of which Green Dot is a member, said the company should be “commended” for trying to expand banking services to people who may not have access to traditional resources. However, the group also emphasized that if Wal-Mart wants to get into the banking business, it should be treated like a bank.

“With this new partnership, it begs the question of Walmart’s role in the financial services sector, whether the [Consumer Financial Protection Bureau] should explore ensuring Walmart is responsibly serving consumers in the financial services arena,” said Richard Hunt, the group’s president and CEO.

 

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