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WSJ News Exclusive | GM Plans to Seek Banking Charter to Grow Auto-Lending Business

GM plans to seek a banking charter, said people familiar with the matter. A license would allow it to accept deposits and grow its auto-lending business.

11/27/2020 9:25:00 PM

GM plans to seek a banking charter, said people familiar with the matter. A license would allow it to accept deposits and grow its auto-lending business.

General Motors Financial Company has been talking to federal and state banking regulators for months about forming an industrial loan company and could file applications to do so as early as December, people familiar with the matter said.

General Motors Co. is looking to get back in the banking business.The auto maker’s lending arm is drawing up plans to apply for a banking charter, a move that would allow it to accept deposits and expand its auto-finance business, according to people familiar with the matter.

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GM's history included GMAC financing arm which took a beating during the 2008 Wall Street crash. GM still needs to focus on quality control and sure when someone drops $60,000 on a Tahoe or Escalade is does not fall apart or parts wear-out. GM Bank of E Musk next ? $tsla JStein_WaPo This is def bad news....like we need more private debt & playing with depositer money.

JStein_WaPo commercial loans aren't regulated. anyone can do them without a license. due to the regulations, most insurance companies scuttled their banks. I bet GM will drop its plans after the realize the Dodd frank rules are a mess. 95% only bad news( REPORT: Biden’s Thanksgiving Day Address gets just 1000 views online, a record low. Observers say a candidate with “80,000,000” votes would get many more online viewers. Numbers don’t lie, or add up!