Home Depot's Loan Plan Meets Strong Opposition

Much like it?s evil twin WalMart, Home Depot can?t seem to catch a break in its bank bid ? even in Utah. According to a story running in the Salt Lake Tribune, trade groups representing realtors and community bankers are seeking to block Home Depot Inc.’s recent plan to offer home-improvement loans through a bank in Utah.

Much like WalMart?s long-in-the-coming bank bid, it all comes down to competition. ‘Home Depot’s proposed business plan is a perfect example of why banking and commerce should not be mixed,’ NAR president Thomas Stevens said in a letter to the FDIC. ‘This plan will have an anti-competitive effect and adversely affect Home Depot’s competitors and other banks.’ The letter includes signatures from state and territorial representatives.

You can read more about this story at Home Depot’s Loan Plan Meets Strong Opposition.