Walmart announced today that it was abandoning its plan to become a bank, following months of debate and one Consumerist post. Teehee. From MSN (emphasis added):

“Since the approval process is now likely to take years rather than months, we decided to withdraw our application to better focus on other ways to serve customers,” said Wal-Mart Financial Services President Jane Thompson in a statement.

“We fully intend to continue to introduce new products and services that champion those who deserve convenient, lower priced financial services,” she added.
…
The latest development also comes one day after a U.S. lawmaker released an e-mail Thursday he said indicates the company’s interest in consumer banking extends beyond what it had previously disclosed to banking regulators.

Walmart got caught with its hand in the mortgage jar. Busted. —MEGHANN MARCO

Walmart abandons plans for a bank [MSN]
(Photo: BraveNewFilms)

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