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Banking and Financial

Published January 5, 2009, 3:29 am, Mondaq

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 ...

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