On Thursday, a Wal-Mart Stores e-mail became public that detailed lease terms for banks that would rent space inside its locations. The "church and state" debate began again: Should the world's No. 1 retailer be allowed to dabble in loans? A banking expert and an ex-Reagan Administration advisor argued the merits and dangers of such an arrangement, on "Power Lunch."
Ron Ence, vice president for Congressional affairs at the Independent Community Bankers of America industry group, said the e-mail revealed "Wal-Mart's dark little secret": The lease terms say the discount giant can offer services including mortgages, consumer loans, home equity loans, investment and insurance products.