ALBANY, N.Y. (AP) — New York regulators have approved Goldman Sachs Bank USA's acquisition of assets of GE Capital Bank, based in Holladay, Utah.
The Department of Financial Services says Goldman Sachs Bank will assume about $17 billion of GE Capital Bank deposits, including retail online deposits and technology, and will hire its employees to operate the online retail deposit platform.
According to the department, the bank has to ensure its online deposit platform is accessible to a majority of consumers within its low-income Community Reinvestment Act assessment area.
It also has to notify regulators of plans to expand to expand the platform, including any retail lending, which would require department approval.
