NAIB Applauds FDIC Approval of Ford Credit Bank and GM Financial Bank to Operate Industrial Banks
The National Association of Industrial Bankers (NAIB) welcomes today’s approval by the Federal Deposit Insurance Corporation (FDIC) of Ford Credit Bank and GM Financial Bank to operate as federally insured industrial banks. This action represents important progress in the FDIC’s review of new bank applications. The advancement of these highly qualified institutions reflects the agency’s commitment to a rigorous, even-handed framework that evaluates each proposal on its merits, consistent with safety, soundness, and consumer protection.
“The FDIC’s action will enable these bedrock companies to bring increased access to regulated banking services to millions of American consumers, supporting communities across the country, and strengthening the U.S. economy,” said Frank Pignanelli, Executive Director of NAIB. “GM Financial Bank and Ford Credit Bank will strengthen the critical U.S. manufacturing and automotive sectors through their services to customers.”
Industrial banks are fully regulated institutions with a strong record of supporting consumer and small-business lending, payments, and community access to financial services. They play a critical role in promoting competition and preventing excessive consolidation at a time when the largest financial institutions continue to grow larger. Approval of strong applications reinforces the diversity and resilience of the U.S. banking system and expands access to credit for millions of consumers nationwide.
NAIB looks forward to the FDIC’s continued work in advancing applications that meet statutory and supervisory standards and that contribute meaningfully to competition, consumer choice, and long-term economic strength.