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General Motors Financial Bank Withdraws Federal Deposit Insurance Application
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General Motors Financial Bank Withdraws Federal Deposit Insurance Application
Jun 24, 2024 6:21 AM

08:46 AM EDT, 06/24/2024 (MT Newswires) -- General Motors Financial Bank, the finance subsidiary of General Motors ( GM ) , said Monday it withdrew its application for federal deposit insurance after a three-year process with the Federal Deposit Insurance Corporation and Utah Department of Financial Institutions.

"The business model is also already in effect for several existing FDIC-insured industrial banks, including other auto manufacturers, but currently excludes American auto manufacturers," GM Financial Bank said.

The application was approved by the UDFI earlier this month, according to the company.

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