Wake-Up Wal-Mart: Stop the Bank of Wal-Mart



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Stop the Bank of Wal-Mart

Send a message to the Governor of Utah today

This past June, Wal-Mart applied for an ILC. ILCs are industrial loan charters, banks, with limited federal regulations and oversite. Utah is one of a number of states that charters ILCs allowing them to offer most financial services, including mortgages, loans and credit cards. The state gets an estimated 40% of state receipts from so-called ILC banks.

Write an e-mail to Utah Governor Jon Huntsman Jr.
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So, what does a "Bank of Wal-Mart" mean to you? In short, it means a much bigger more dominant Wal-Mart.

Fearing the slow-down in company growth, the Walton's have been pursuing a banking business for many years. Most Wal-Mart stores already offer some financial services, such as check cashing, wire services and ATMs. But to make real profits from credit cards, mortgages and loans, Wal-Mart needs to get in the ILC game.

Let the Governor of Utah know that you object to the Bank of Wal-Mart.

The following will be sent along with your personalized message:
Dear Governor Huntsman,
The eyes of the nation are on Utah. Your decision regarding an ILC charter to Wal-Mart will have far-reaching consequences, even in my state. Wal-Mart - the largest corporation in the history of the universe - is a textbook example of why the nation has had a historic division between commerce and banking. Please do NOT approve this charter. It will threaten our nation's banking system, endanger local community banks, cause concern among local small businesses around the nation, all to enrich the multi-billion dollar corporation from Arkansas. It will force citizens like myself to work to get our states to eliminate reciprocal agreements regarding ILCs. Utah has a pivotal role in this situation to seek a fair and balanced approach by NOT approving this charter. The eyes of the nation are on Utah, and I eagerly await your response.
[Your Message]
Sincerely,
[Your Name]