(RTTNews) – General Motors Co (GM) is preparing plans to apply for a bank statute that would allow its lending unit to take deposits and expand its auto finance business, the Wall Street Journal reported, which mentions others familiar with the issue. .
The monetary arm of the automaker, General Motors Financial Company Inc, allegedly argued with federal and state banking regulators for months about the creation of a commercial loan company.
The automaker can simply register documents with federal and state regulators starting next month, according to the report.