Banks have a big sigh of relief

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At the first of four days of public hearings on Wal-Mart's (WMT.N) widely watched bank application, the company confronted concerns raised by its vocal and aggressive opposition, including some members of Congress and community banks, as well as groups that regularly criticize the company, such as labor and environmental groups.

Jane Thompson, president of Wal-Mart Financial Services, said the retailer had abandoned previously contemplated plans to move into retail banking and now wants to start financial operations solely to process its electronic payments.

''We have absolutely no plans to open bank branches,'' she said at the hearing.