Ally Financial Inc
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 20, 2024
ALLY$38.53+0.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
INDEX
| Page | ||
|---|---|---|
| Part I | ||
| Item 1. | Business | 6 |
| Item 1A. | Risk Factors | 23 |
| Item 1B. | Unresolved Staff Comments | 38 |
| Item 1C. | Cybersecurity | 38 |
| Item 2. | Properties | 38 |
| Item 3. | Legal Proceedings | 38 |
| Item 4. | Mine Safety Disclosures | 38 |
| Part II | ||
| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 39 |
| Item 6. | [Reserved] | 40 |
| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 41 |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 113 |
| Item 8. | Financial Statements and Supplementary Data | 114 |
| Management’s Report on Internal Control over Financial Reporting | 114 | |
| Reports of Independent Registered Public Accounting Firm | 115 | |
| Consolidated Statement of Income | 118 | |
| Consolidated Statement of Comprehensive Income (Loss) | 120 | |
| Consolidated Balance Sheet | 121 | |
| Consolidated Statement of Changes in Equity | 123 | |
| Consolidated Statement of Cash Flows | 124 | |
| Notes to Consolidated Financial Statements | 126 | |
| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 211 |
| Item 9A. | Controls and Procedures | 211 |
| Item 9B. | Other Information | 211 |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 211 |
| Part III | ||
| Item 10. | Directors, Executive Officers, and Corporate Governance | 212 |
| Item 11. | Executive Compensation | 214 |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 214 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 214 |
| Item 14. | Principal Accountant Fees and Services | 214 |
| Part IV | ||
| Item 15. | Exhibits and Financial Statement Schedules | 215 |
| Signatures | 218 | |
Glossary of Abbreviations and Acronyms
The following is a list of abbreviations and acronyms that are used in this Annual Report on Form 10-K.
| Term | Definition |
|---|---|
| AC | Audit Committee of the Ally Board of Directors |
| ALCO | Asset-Liability Committee |
| ALM | Asset Liability Management |
| A.M. Best | A.M. Best Company, Inc. |
| AMLA | Anti-Money Laundering Act of 2020 |
| ASC | Accounting Standards Codification |
| ASU | Accounting Standards Update |
| Basel Committee | Basel Committee on Banking Supervision |
| BF | Bornhuetter-Ferguson |
| BHC | Bank holding company |
| BHC Act | Bank Holding Company Act of 1956, as amended |
| BHF | Better Home & Finance Holding Company (formerly BMC Holdco) |
| BMC | Better Mortgage Company |
| BMC Holdco | Parent of BMC |
| Board | Ally Board of Directors |
| BTFP | Bank Term Funding Program |
| CAMT | Corporate alternative minimum tax |
| CD | Certificate of deposit |
| CDP | Carbon Disclosure Project |
| CECL | Accounting Standards Update 2016-13 (and related Accounting Standards Updates), or current expected credit loss |
| CEO | Chief executive officer |
| CFPB | Consumer Financial Protection Bureau |
| CIDDO | Chief Information, Data and Digital Officer |
| CISO | Chief Information Security Officer |
| CODM | Chief operating decision maker |
| COH | Corporate overhead |
| COVID-19 | Coronavirus disease 2019 |
| CRA | Community Reinvestment Act of 1977, as amended |
| CSG | Commercial Services Group |
| CSRP | Cyber Security Response Plan |
| CVA | Credit valuation adjustment |
| DE&I | Diversity, equity, and inclusion |
| DIF | Deposit Insurance Fund |
| Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended |
| DRR | Designated reserve ratio |
| DVA | Debit valuation adjustment |
| EAD | Exposure at default |
| EGRRCP Act | Economic Growth, Regulatory Relief, and Consumer Protection Act, as amended |
| ERG | Employee resource group |
| ERMC | Enterprise Risk Management Committee |
| ESG | Environmental, social, and governance |
| ETF | Exchange-traded fund |
| EV | Electric vehicle |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| Term | Definition |
|---|---|
| F&I | Finance and insurance |
| FASB | Financial Accounting Standards Board |
| FDI Act | Federal Deposit Insurance Act, as amended |
| FDIC | Federal Deposit Insurance Corporation |
| FDICIA | Federal Deposit Insurance Corporation Improvement Act of 1991, as amended |
| FHC | Financial holding company |
| FHLB | Federal Home Loan Bank |
| FinCEN | Financial Crimes Enforcement Network |
| FINRA | Financial Industry Regulatory Authority |
| Fintech | Financial-technology |
| FRB | Federal Reserve Bank, or Board of Governors of the Federal Reserve System, as the context requires |
| FSR | Financial Strength Rating |
| FTP | Funds-transfer pricing |
| GAP | Guaranteed asset protection |
| GDP | Gross domestic product of the United States of America |
| GLB Act | Gramm-Leach-Bliley Act of 1999, as amended |
| GM | General Motors Company |
| HR | Human resources |
| HVAC | Heating, ventilation, and air conditioning |
| IB Finance | IB Finance Holding Company, LLC |
| ICP | Incentive compensation plan |
| ICR | Issuer Credit Rating |
| IDI | Insured Depository Institution |
| IRA | Individual retirement account |
| ISO | International Organization for Standards |
| LCR | Liquidity coverage ratio |
| LGD | Loss given default |
| LIBOR | London Interbank Offered Rate |
| LIBOR Act | Adjustable Interest Rate (LIBOR) Act |
| LIHTC | Low-income housing tax credit |
| LMI | Low-to-moderate income |
| LTV | Loan-to-value |
| MACRS | Modified Accelerated Cost Recovery System |
| MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| MRM | Model risk management |
| MVG | Model validation group |
| NYDFS | New York Department of Financial Services |
| NYSE | New York Stock Exchange |
| OEM | Automotive original equipment manufacturer |
| OTC | Over-the-counter |
| P&C | Property and casualty |
| PCA | Prompt corrective action |
| PD | Probability of default |
| PSU | Performance Stock Unit or Award |
| RC | Risk Committee of the Ally Board of Directors |
| ROU | Right-of-use |
| Term | Definition |
|---|---|
| RSU | Restricted Stock Unit or Award |
| RV | Recreational vehicle |
| RWA | Risk-weighted asset |
| SEC | U.S. Securities and Exchange Commission |
| Signature | Signature Bank |
| SIPC | Securities Investor Protection Corporation |
| SOFR | Secured Overnight Financing Rate |
| SPE | Special-purpose entity |
| SRO | Self-regulatory organization |
| Stellantis | Stellantis N.V. |
| STEM | Science, technology, engineering and mathematics |
| SVB | Silicon Valley Bank |
| Tailoring Rules | The rules implementing Title IV of the EGRRCP Act |
| TC | Technology Committee of the Ally Board of Directors |
| TCFD | Task Force on Climate-related Financial Disclosures |
| TDR | Troubled debt restructuring |
| TLAC | Total loss-absorbing capacity |
| TPRM | Third party risk management |
| UDAAP | Unfair, deceptive, or abusive acts or practices |
| UDFI | Utah Department of Financial Institutions |
| UPB | Unpaid principal balance |
| U.S. Basel III | The rules implementing the 2010 Basel III capital framework in the United States as well as related provisions of the Dodd-Frank Act, as amended from time to time |
| U.S. GAAP | Accounting Principles Generally Accepted in the United States of America |
| VIE | Variable interest entity |
| VMC | Vehicle maintenance contract |
| VSC | Vehicle service contract |
| WAC | Weighted-average coupon |
| wSTWF | Weighted short-term wholesale funding |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.