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ARTICLE · 04 JANUARY 2009

FRB Approves GMAC Becoming A BHC

Goodwin Procter LLP
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The FRB approved GMAC’s application to become a bank holding company (“BHC”) by converting its industrial loan company to a “bank” for purposes of the Bank Holding Company Act (the “BHC Act”).

United StatesFinance and Banking

Developments Of Note

  • FRB Approves GMAC Becoming a BHC
  • OCIE Director Discusses Potential Role For Surveillance in SEC Mutual Fund Oversight
  • FDIC Issues Research Report Concerning Liquidity Risk Management

Other Items Of Note

  • Reminder: Beginning January 1, 2009 Electronic Submission Mandatory for Applications for Exemptive Relief under Investment Company Act and Filings under Regulation E
  • Goodwin Procter Webinar: New Data Security Regulations Reach Beyond State Lines

DEVELOPMENTS OF NOTE

FRB Approves GMAC Becoming A BHC

The FRB approved GMAC's application to become a bank holding company ("BHC") by converting its industrial loan company to a "bank" for purposes of the Bank Holding Company Act (the "BHC Act"). In evaluating the proposal, the FRB had to consider "a number of unique issues," including the historical relation of GMAC to General Motors Corporation ("GM"), and the current majority ownership of GMAC by entities controlled by or

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