Responding to protests, the Office of Thrift Supervision said Tuesday that it will hold a public hearing to review State Farm Mutual Automobile Insurance Co.'s application for a thrift charter.

State Farm, the nation's largest property and casualty insurer, is seeking approval to establish a savings bank that would offer its policy holders mortgages, automobile loans, checking accounts, and other bank products and services. But consumer groups object to a provision in State Farm's application that would limit its responsibilities under the Community Reinvestment Act to its home base, the Bloomington, Ill., metropolitan area.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.