Wal-Mart abandons plans to launch bank

Wal-Mart Stores has abandoned its controversial plan to launch an industrial-loan company, a type of bank offering limited services. Wal-Mart said Friday that it was withdrawing its application from the Federal Deposit Insurance Corp. Wal-Mart has said it never intended to open a traditional bank, but had applied for the charter so it could process credit card payments. Despite the decision to end its application, the giant retailer isn't walking away from financial services, and it will instead offer check-cashing and bill-paying services that don't require an FDIC charter.

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