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.
That was a warning issued this week in a Filene Research Report that warns CUs anew against being "comfortable" in ignoring the giant retailer as a competitor.
The 2007 failure by Wal-Mart to gain a formal banking charter has already proved hollow in barring the international retailer from expanding on a host of banking services at its network of stores, said the Filene report authored by Robert Manning, a former consumer finance professor at Rochester Institute of Technology in New York and head of the nonprofit Debt Relief Institute.
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