WASHINGTON – Commercial companies, like Wal-Mart and Home Depot, would be barred from owning industrial loan companies, so-called back-door banks, under a bill approved yesterday by the House Financial Services Committee. The measure now goes for a vote by the full House but has dubious prospects because of lack of interest in the Senate. The bill was prompted by the controversy over Wal-Mart’s unsuccessful effort to obtain an ILC charter, but was passed by the panel even though the retail giant ended its quest two months ago. The measure would require all owners and operators of ILCs to have a preponderance of their business, at least 85%, in financial services.
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