DETROIT — Ally Financial Inc. was granted its application for financial holding company status by the Federal Reserve. As a financial holding company, Ally is permitted to engage in a broader range of business activities and can continue to operate its insurance and remarketing businesses as part of its leading dealer financial services operation.

“Crossing this threshold is a great achievement for Ally and a testament to the transformative efforts that the company and its depository institution, Ally Bank, have undergone since 2008," said CEO Michael A. Carpenter. "This has been a seminal year for the company, and we anticipate further momentum over the next year as we aim to exit the TARP program."

Ally became a bank holding company in December 2008 and applied for financial holding company status this month.