Detroit — Ally Financial Inc. was granted its application for financial holding company status by the Federal Reserve. As a financial holding company, Ally is permitted to engage in a broader range of business activities and can continue to operate its insurance and re-marketing businesses as part of its leading dealer financial services operation.

“Crossing this threshold is a great achievement for Ally and a testament to the transformative efforts that the company and its depository institution, Ally Bank, have undergone since 2008," said CEO Michael A. Carpenter. "This has been a seminal year for the company, and we anticipate further momentum over the next year as we aim to exit the TARP program."

Ally became a bank holding company in December 2008 and applied for financial holding company status in December 2013.

Read more about Ally Financial Inc.
About the author

Toni McQuilken

Editor

Toni McQuilken is the managing editor for AE Magazine and P&A Magazine. She has a decade of editorial experience in the trade publishing world, across several industries, including print and graphics, as well as hospitality and technology. To contact her, e-mail [email protected].

View Bio
0 Comments