FDIC clears way for Ford, General Motors to set up industrial banks
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The FDIC has approved deposit insurance applications from Ford and General Motors, allowing them to establish industrial banks and offer financial services. The approvals are conditional, requiring the companies to set up lending arms within 12 months. This decision is part of an ongoing debate between traditional lenders and companies seeking to provide limited banking services through industrial loan charters.
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Source: Reuters The copyright of this article belongs to the original author/organization.
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