GM plans to seek banking charter for auto-lending business: WSJ

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In this news, we discuss the GM plans to seek banking charter for auto-lending business: WSJ.

(Reuters) – General Motors Co is considering applying for a banking charter that would allow its lending unit to hold deposits and expand its auto finance business, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The automaker’s financial arm, General Motors Financial Company Inc, has been in discussions with federal and state banking regulators about creating an industrial loan company for months and could file its claims as early as December, the report says here.

The “Industrial Loan Company” charters allow non-banks to grant loans and collect insured deposits.

GM did not immediately respond to a request for comment from Reuters.

Report by Ayanti Bera in Bengaluru; Edited by Sriraj Kalluvila

Original © Thomson Reuters

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