Wal-Mart Withdraws Part of Bank Proposal
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Wal-Mart Stores Inc. said it would drop part of its application to open a bank, a move that could ease some opposition in Congress to the bid by the world’s largest retailer to start financial operations.
Wal-Mart said it would withdraw its proposed exemption from the Community Reinvestment Act, a U.S. law that places requirements on banks and savings institutions to help meet credit needs of low- and moderate-income neighborhoods.
The company would not comment on its motivation for withdrawing that proposed exemption, but industry and legislative sources said the move could help Wal-Mart win more support for its bank application from some of the Democrats opposing it.
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