Wal-Mart Withdraws Part of Bank Proposal

Wal-Mart Stores Inc. said it would drop part of its application to open a bank, a move that could ease some opposition in Congress to the bid by the world’s largest retailer to start financial operations.

Wal-Mart said it would withdraw its proposed exemption from the Community Reinvestment Act, a U.S. law that places requirements on banks and savings institutions to help meet credit needs of low- and moderate-income neighborhoods.

The company would not comment on its motivation for withdrawing that proposed exemption, but industry and legislative sources said the move could help Wal-Mart win more support for its bank application from some of the Democrats opposing it.