NEW YORK (AP) — Ally Financial Inc. spent $340,000 in the first quarter to lobby the federal government on financial regulatory reform and other issues.
That's up from the $260,000 that Ally spent in the year-ago period, and more than the $160,000 it spent in the fourth quarter of 2010. Ally also lobbied the federal government on legislation involving home mortgage products and insurance, along with financial literacy and education efforts, according to the disclosure report filed in April.
Ally, formerly known as GMAC Inc., makes automotive loans and finances dealer inventories of cars and trucks. The company received billions in government aid in late 2008 as part of the Bush administration's assistance to the U.S. auto industry. The Obama administration invested additional sums in May and December 2009.
It had planned an initial public offering for late June, which would have helped the company repay the government aid, but that has been postponed indefinitely until markets improve.
Ally is also among the lenders facing billions in potential fines stemming from government investigations into improper mortgage foreclosures. Federal financial regulators already ordered Ally and 15 others to reimburse homeowners who were foreclosed on improperly.
In the January-to-March period, Ally lobbied both the U.S. House and Senate, according to the report filed with the House clerk's office.
Lobbyists are required to disclose activities that could influence members of the executive and legislative branches of government under a federal law enacted in 1995.
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