Why do you oppose the Bank of Wal-Mart? Tell the FDIC.

Your letter will be forwarded to the Chairperson of the FDIC.

Please enter the fields below. Style tips and talking points are provided below:

• Be polite. You are speaking to the new chairperson of the FDIC – not Wal-Mart.
• Try to be as clear as possible and try to reference any facts you cite.
• If you can, use a personal angle to describe how this issue would affect you.

Talking Points

• Loss of Community Banks: A Wal-Mart bank would pose a serious threat to drive community banks out of business, like they have done to local grocery stores, drug stores, hardware stores, etc.
• Undermine Local Economies: A Wal-Mart bank could take capital out of local communities and could refuse to make loans to local businesses.
• Dangerous Concentration of Power: A bank owned by the largest corporation in the world would create a dangerous concentration of commercial and financial power.
• Wal-Mart’s FALSE TESTIMONY at earlier hearings:Wal-Mart says it has no plans to enter full-service banking, and pointed to the leases signed by banks “at the discretion of the banks alone” as evidence of its long-term plan to support independent banks at the FDIC hearing. But documents seen by Reuters include a provision that requires both the bank and Wal-Mart to agree to renew. Furthermore, Wal-Mart has confirmed a current search for a senior manager to oversee “new strategic initiatives” in the mortgage business.
• Wal-Mart’s Rocky History: Wal-Mart has a history of skirting, bending and even breaking the law for the sake of their bottom line. We should not trust them with an institution that is so important to the vitality and stability of our communities.
• Wal-Mart’s size: Wal-Mart is quick to remind critics that another retailer, Target Stores, also holds a banking charter. A Wal-Mart bank would pose risk to the FDIC and American fiscal security due to its sheer size. Target’s FY 2006 revenues were $52 billion, only one-sixth the size of Wal-Mart’s. A Wal-Mart ILC would dwarf those managed by any of the other companies that currently hold charters.