FDIC extends freeze on retailers’ banks
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From Reuters
The Federal Deposit Insurance Corp. voted to extend for one year a moratorium on bank applications by commercial companies, such as Wal-Mart Stores Inc. and Home Depot Inc.
The action would give Congress more time to debate legislation that would ban retailers and commercial companies from owning a specialty bank known as an industrial loan company.
A moratorium has been in place for the last six months, affecting nine pending industrial loan company applications.
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