Original Source Material
Both automakers must stand up their respective banks within 12 months. After that, they must maintain a minimum 15% tier 1 leverage ratio.
FDIC conditionally approves Ford, GM ILC charters
Summary
- Both Ford and GM must establish their respective banks within 12 months.
- They must maintain a minimum 15% tier 1 leverage ratio after standing up the bank.
Why It Matters for Texas Credit Unions
This rule applies to all credit unions and sets specific requirements for new banks established by automakers, which could have broader implications for compliance practices in Texas.