A Utah unit of Wright Express Corp. has received Federal Deposit Insurance Corp. approval to operate as a regulated bank.
Wright Express wanted to rely on the unit, an industrial loan company known as Wright Express Financial Services Corp., to fund its commercial fleet card business. The FDIC decision lets the company own and manage the receivables of most Wright Express accounts, freeing the parent to focus on servicing its accounts.
Wright Express, a subsidiary of Cendant Corp., is "extremely pleased with the FDIC's approval," said Kathleen Flanagan, senior vice president of client operations. "It means that Wright Express Financial Services Corp. will now be able to offer a number of enhanced services."