GMAC Approved As Bank Holding Company

Posted by Orb Staff on December 26, 2008 No Comments
Categories : Residential Mortgage

GMAC Financial Services says its application to become a bank holding company has been approved by the Board of Governors of the Federal Reserve System. In addition, GMAC Bank has received approval from the Utah Department of Financial Institutions to convert to a state bank.

As a bank holding company, GMAC will have expanded opportunities for funding and access to capital, which the company says will provide increased flexibility and stability.


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