Bankers call for oversight of Wal-Mart financial products

05/8/2013 | Bloomberg Businessweek

The Federal Advisory Council, a group of bankers advising the Federal Reserve, says regulators should consider stopping Wal-Mart from offering financial services and is calling for greater scrutiny of the retailer's prepaid card sales. Minutes from the council's Dec. 19 meeting also show that members want the Consumer Financial Protection Bureau to supervise nonbank companies that offer financial services.

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