Settlement with SmartBuy also bans retailer from operating in New York State.
Credit unions act at their peril by ignoring Walmart's competitive threat, warned a newly issued Filene Research Institute report.
Wal-Mart remains a "patient strategist" in its bid to offer a full range of financial services and credit unions' core lines--auto loans, small business and demand deposits--are in the target zone.
Following a strategic planning session in 2005, America's First Credit Union-then boasting just above $600 million in assets-set a goal of reaching $1 billion within five years.
After learning that 15% of its small business members were denied a loan to keep their operations running, Sam's Club launched a national pilot program that would make capital available to them.
Sam's Club, a subsidiary of Wal-Mart Stores Inc., has launched a national pilot program that will offer small business loans from $5,000 to $25,000 to its members.
The Competitive Enterprise Institute, a Washington think tank with a conservative reputation,