GM Withdraws Bank Application for Deposit Insurance

General Motors’ GM -0.10%decrease; red down pointing triangle lending arm has pulled an application for deposit insurance, a pillar in its efforts to move back into banking and expand its auto-finance business.

General Motors Financial, the automaker’s financing subsidiary, said Monday it has withdrawn GM Financial Bank’s Interagency Charter and Federal Deposit Insurance Application from further processing by the Federal Deposit Insurance Corporation. The application was submitted in late 2020 to both the FDIC and Utah Department of Financial Institutions.

Source: WSJ