GM subsidiary resubmits ILC charter application
GM Financial resubmitted its application for an industrial loan company charter Friday to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions.
The move was expected. GM Financial had applied for an ILC charter in December 2020 – and gained conditional approval from the Utah regulator last June. But it pulled the application from FDIC consideration later that month “to address feedback” from the regulator, the company said.