Common Motors Co is planning to use for a banking constitution that will permit its lending unit to carry deposits and broaden its auto-finance enterprise, the Wall Road Journal reported on Friday, citing individuals conversant in the matter.The automaker’s finance arm, Common Motors Monetary Firm Inc, has been speaking to federal and state banking regulators for months about forming an industrial mortgage firm and will file its purposes as early as December, the report stated.
“Industrial Mortgage Firm” charters permit non-banks to originate loans and gather insured deposits.
GM didn’t instantly reply to a Reuters request for remark.
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