Walmart’s Latest Foray Into Finance Makes a Friend of an Old Foe
- Former FDIC chair: Walmart could be beneficial in banking
- Sheila Bair held up retailer’s earlier bid for bank charter
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One of Walmart Inc.’s longtime foes conceded the retailer’s latest foray into banking could end well for consumers.
“There are still a lot of people who want a physical location to go to for their banking services, and Walmart could provide that with all its stores,” said Sheila Bair, who oversaw the Federal Deposit Insurance Corp. when the retail giant last applied for a banking charter. Bair placed a moratorium on the application, which Walmart ultimately withdrew in 2007 after years of controversy.