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GM Withdraws Bank Application for Deposit Insurance

·1 min

General Motors has withdrawn its application for deposit insurance for its lending arm, GM Financial Bank. The move is part of GM’s plans to expand its auto-finance business and reenter the banking sector. GM Financial Bank’s Interagency Charter and Federal Deposit Insurance Application was submitted to the Federal Deposit Insurance Corporation and Utah Department of Financial Institutions in late 2020, but it has now been pulled from further processing.