When Wal-Mart Stores, Inc. (NYSE:WMT) wanted to enter the banking business in the U.S. -- even indirectly-- consumer groups and watchdogs came out to protest the nation's largest retailer from offering banking services inside its stores.

Wal-Mart's real plan from the start was to own its own commercial banking branch to reduce or eliminate its reliance on outside financial processing institutions. But, who knows if the retailer *wanted* to enter the direct, retail banking business. My guess is yes -- just not now.

The reaction in Mexico to Wal-Mart's banking services plan has been just the opposite. Wal-Mart is also the largest retailer in Mexico (and the world) and it wants to reach out to working-class Mexican citizens that larger, global banks like HSBC and Citigroup have avoided like the plague -- and the Mexican government is cheering them on. These folks may not have large sums of investable and backable legal tenders,but they have cash and there's always a need to "take that to the bank."

Former fed chairman Alan Greenspan went as far as publicly worrying about regulators' lack of oversight Wal-Mart. In fact, many legislators in the U.S. congress echoed Greenspan's concerns when Wal-Mart announced that it would want to own is own commercial banking institution. Is there is lesson for fearful U.S. regulators to latch onto here? What are your thoughts?