General Motors

The finance arm of the Detroit automaker has resubmitted its application for an industrial loan company charter to the Federal Deposit Insurance Corp. after withdrawing its prior application last year.

The asset and wealth division helped drive the gains, posting its highest quarterly revenue in two years on a gain tied to the sale of a financial-management business. That helped counter fixed-income trading results and investment-banking fees that fell short of expectations.

The Detroit automaker says it will stick to car loans and steer clear of mortgage lending if regulators approve its application to establish an industrial bank.

The automaker is reportedly planning to apply for a bank charter so it could collect deposits and grow its own auto-finance business. That could create more competition for Ally, which was spun off from GM in 2006 but remains a key lending partner.

Goldman Sachs Group is close to signing a deal to take on General Motors' credit card business, according to a person with knowledge of the matter.

Some corporations are willing to oblige, turning instead to new, pricier term loans or revolving credit lines rather than tapping existing ones, industry officials say.

The Janesville, Wis.-based institution is set to move into a new downtown location in 2021.

The automaker's finance arm joins Avant, OnDeck Capital and SoFi in the system, which is designed to help verify loan applicants' identities.

Last week the car manufacturer said it would cut jobs and close factories. Now credit unions in the affected areas are considering how the news will affect their members and themselves.

Contextual commerce is the next big thing in retail as the payments transaction slides to the background. But it relies on building sophisticated consumer relationships.