Community Bankers Association of Illinois

CBAI RESPONDS TO WAL-MART PROPAGANDA
08/25/05

The Wal-Mart public relations machine is now pumping out propaganda to promote its entry into commercial banking as evidenced by an article that appeared in the local Springfield newspaper on March 27th. It's a familiar angle -- low fees and free services for wire transfers, check cashing, and bill payment -- with the ultimate goal of convincing Congress to grant Wal-Mart commercial banking authority.

CBAI regards Wal-Mart's intentions as a serious threat to the safety and soundness of the banking system with potentially adverse consequences for community banks. CBAI believes the Wal-Mart public relations machine must be countered on each and every occasion. The following Letter to the Editor was submitted by CBAI in response to the newspaper article noted above.

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