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Fed makes GMAC a bank holding company

Source: Palm Beach Post

Washington : DC : USA | 11 months ago

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The Federal Reserve has granted a request by the financing arm of General Motors to become a bank holding company, allowing it to petition for money from the government's $700 billion rescue program. Financial Services will also be able to get emergency loans directly from the Federal Reserve.

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News Stories

Federal Reserve Opens TARP Door for GMAC

News Source: Asian Wall Street Journal | 11 months ago

Financial Services' application to become a bank-holding company, a status that would give the auto-financing arm of General Motors Corp. access to government bailout dollars and the Fed's discount window. The move complements a $17.4 billion...
Fed Lets GMAC Become Bank Holding Company

News Source: Washington Post | 11 months ago

In return, the company is subjecting itself to a wide range of regulations imposed on all banks that could force changes in some business practices and limit its future profitability...That became the Fed's routine practice this fall as it offered...
Fed grants GMAC bank holding company status (Reuters)

News Source: Turks and Caicos Free Press | 11 months ago

LCC won Federal Reserve approval on Wednesday to become a bank holding company , giving it access to government lending programs, after owners General Motors and Cerberus agreed to cut their stakes. Cerberus, which owns 51 percent, will distribute...
Federal Reserve makes l a bank holding company

News Source: Associated Press | 11 months ago

The Federal Reserve has granted a request by the financing arm of General Motors to tap the government's $700 billion rescue fund, bolstering GM's ability to survive. Financial Services' request to become a bank holding company...The Fed cited "...
Fed makes GMAC a bank holding company

News Source: Palm Beach Post | 11 months ago

The Federal Reserve has granted a request by the financing arm of General Motors to become a bank holding company, allowing it to petition for money from the government's $700 billion rescue program. Financial Services will also be able to get...
Congress moves to crack down on bailout recipients; Wells Fargo and ...

News Source: Austin America-Statesman/Texas Longhorns | 11 months ago

Lawmakers are seeking to increase pressure on institutions that have received money from the Treasury Department's $700 billion bank investment program after The Associated Press reported that they wouldn't say how they are using the money...Dianne...