Ford Motor Co. became the first commercial firm to apply for an industrial loan charter since the Federal Deposit Insurance Corp. lifted its moratorium on commercially owned industrial loan companies.
The automaker filed an application late Friday with the FDIC.
Ford had applied in June, 2006, to open FMCC Auto Bank in Utah, but withdrew the application because of what it called a technical error.
Soon after, the FDIC — responding to concerns about an application by Wal-Mart Stores Inc. — imposed first a six-month freeze on all ILC applications, followed by a one-year moratorium on bids by commercial firms. That freeze ended Thursday.
Automakers that already use industrial loan companies for vehicle financing include BMW Group, Volkswagen AG, and Toyota Motor Corp. Chrysler LLC applied for an industrial loan company before the moratorium began, and its bid is still pending.
The House, sparked largely by bids from Wal-Mart and Home Depot Inc., passed a bill in May barring ILC ownership for firms that are mostly commercial. The Senate Banking Committee is expected to review a similar bill this month.
Lawmakers have signaled that they intend to exempt automakers from a ban.
