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The automaker’s finance arm, General Motors Financial Company Inc, has been talking to federal and state banking regulators for months about forming an industrial loan company and could file its applications as early as December, the report said https://www.wsj.com/articles/gm-plans-to-seek-banking-charter-to-grow-auto-lending-business-11606501125?mod=searchresults_pos1&page=1.
“Industrial Loan Company” charters allow non-banks to originate loans and collect insured deposits.
GM did not immediately respond to a Reuters request for comment.
