MFOHome About Commentary Discussions Funds The Best Resources Support Us!

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Sign In Register

Categories

In this Discussion

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

Walmart And Banking: It’s Time To Reconsider

TedTed
in Off-Topic
FYI: Overshadowed by the media attention to the proposed repeal of Obamacare, the House Financial Services Committee recently approved substantial changes in financial regulation. The House of Representatives may soon consider the proposed bill—the Financial CHOICE Act—which would make major changes in the Dodd-Frank Act.

However, when financial regulation is being discussed, there is a large elephant that isn’t in the room, but really should be: Walmart. Starting in the mid-1990s, Walmart made two separate efforts to enter banking in the United States, but was repelled both times. After its second effort was rebuffed in 2007, Walmart gave up this effort in the United States (but has since entered banking in Canada and in Mexico).
Regards,
Ted
http://ritholtz.com/2017/05/walmart-banking-time-reconsider/

Comments

  • VintageFreakVintageFreak
    I think more banks is good thing. Consolidation in few banks is the problem. "Economies of Scale" actually enables big banks to take risks with other people's money and cause financial problems.

    I would definitely consider opening account with WalBank.
  • msf
    edited May 2017
    Just a quick reminder - the Financial CHOICE Act is the legislation that would eliminate the new fiduciary rule on retirement accounts as well repeal rather than temper the Volcker Rule (controlling risk by prohibiting TBTF banks from short term speculative trading) as well as ...

    It would remove the Durbin Amendment cap on interchange fees (what large banks can charge for debit card swipes). Even Walmart is opposed to that change. Of course, if Walmart gets to play both sides of the fence (bank and retailer), it won't care any more.

    Nonprofit credit unions exist to serve their communities. Walmart exists to serve ...?
Sign In or Register to comment.