An application by General Motors to move into banking by setting up a federal thrift was approved Thursday by U.S. regulators. The world’s largest automaker already had a solid presence in financial services through General Motors Acceptance Corp.’s auto-lending and home loan unit GMAC Mortgage Corp.
Its new foray into banking will allow GM to offer a broad range of consumer banking products including checking and savings accounts, certificates of deposit and ATM machines. The new institution will be called GMAC Bank, based in Wilmington, Del. GMAC mortgage will become a subsidiary of the thrift.
The bank will initially conduct business through the subsidiary, currently serving 1.6 million households.
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
