The Federal Reserve waived the normal 30-day waiting period and approved the application. The move allows Amex to get up to $3.8 billion in government money. Goldman Sachs and Morgan Stanley, both recently turned into bank holding companies. Other large commercial lenders including GMAC, the finance arm of General Motors and General Electric’s finance subsidiary are also considering the safety of becoming a bank. Amex may have to buy a regular institution to increase its deposits, analyst Gwenn Brezard says.”]
Source: https://www.cuinfosecurity.com/news-analysis-amex-wanted-to-be-bank-holding-company-a-1058