OneMain Financial is the latest company to apply for an industrial loan charter.
The company said in a press release that it applied with the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to form OneMain Bank in West Valley City, Utah.
The bank would offer personal loans, auto finance, credit cards and savings accounts.
“OneMain Financial has provided responsible lending solutions to a large and often underserved population for more than a century,” Doug Shulman, OneMain Finanial’s chairman and CEO, said in the release.
“With a bank subsidiary, we can leverage OneMain Financial’s operational experience and analytic expertise to further expand access to credit to individuals and families, helping them meet today’s needs with a differentiated line of products that provides a path to a better financial future,” Shulman added.
Lee Carter, a former president and chief operating officer at UBS Bank USA, would serve as OneMain Bank’s president.