GM Financial Bank withdraws application for deposit insurance

General Motors Financial, the finance subsidiary of General Motors, has announced the withdrawal of GM Financial Bank’s Interagency Charter and Federal Deposit Insurance Application from further processing by the Federal Deposit Insurance Corporation, FDIC. The application was submitted in late 2020 to both the FDIC and Utah Department of Financial Institution, UDFI. Throughout this more than three-year process, GM Financial Bank has worked constructively and transparently to promptly address all regulatory requests and has developed a strong charter application that satisfies the statutory criteria for approval in the Federal Deposit Insurance Act. 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. On June 14, 2024, the UDFI approved GM Financial Bank’s application, appropriately underscoring the strength of the application and the conclusion that General Motors has the financial resources needed to operate an industrial bank in a safe and sound manner and in full compliance with applicable laws and regulations.