The news: General Motors (GM) has reapplied to establish an industrial bank, aiming to accept deposits and offer loans directly to consumers and dealerships, per The Washington Post. GM seeks a stable and cost-effective funding source for its financing operations, potentially becoming more competitive in the auto industry.

That means there are currently three major US auto manufacturers with active banking applications: GM, Ford (which applied in 2022), and Stellantis (which applied in February 2025).

How we got here: This marks GM’s second attempt to establish a bank. It applied in 2020, but withdrew to address feedback from the Federal Deposit Insurance Corporation (FDIC), per GM.