WASHINGTON — Department store operator Nordstrom Inc. on Thursday became the latest company joining the rush to set up a federal savings and loan.
Seattle-based Nordstrom, which has 99 stores in 22 states, asked federal regulators for permission to convert its credit card operation into a thrift.
"This move strengthens our competitive position within financial services while expanding the products we can offer our customers," Kevin Knight, president of the company's credit card operation, said in a statement. "A thrift charter allows us to offer products and services that until now no other retailer has offered customers."
If the application is approved, the new thrift may offer business credit card accounts, home equity lines of credit and money market checking accounts, Knight said. Other services being considered include automated teller machine debit cards and limited mortgage lending, he added.