NMAC’s hat is in the ring for an ILC

Congratulations to Nissan Motor Acceptance Company (NMAC) on its filing for a Utah Industrial Bank Charter and to the crack team led by Mike Nonaka at Covington & Burling for its expertise. It was such a pleasure partnering with them on this important initiative.

Established in 1981, NMAC is an American company with consistently profitable operations. NMAC and its American parent, Nissan North America, are major sources of U.S. jobs, manufacturing, and investment. NMAC’s proposed bank will facilitate job creation, local community support, and modernization by providing competitively priced commercial lending and deposit products to Nissan, INFINITI, and non-Nissan dealerships across the United States.

The proposed Bank won’t offer any products to consumers, minimizing its competitive impact on traditional community banks. But promoting competition is a bedrock principle of our democratic economy, and new banks increase competition and market participation. Therefore, it’s important that NMAC has joined the ranks of the other automotive companies that seek industrial bank charters to provide specialized financial services.

We’re proud to have assisted NMAC in reaching this important milestone. If you’d like to chat charters, give us a call. Photo by Philipp Birmes