Ally FinancialInc.'s board authorized the purchase of up to $700 million of itscommon stock and declared a quarterly cash dividend of 8 cents per common share.

The dividend and the repurchase program were part of thecompany's capital plan under the 2016 Comprehensive Capital Analysis and Review,or CCAR, which received a nonobjection from the Federal Reserve Board.

The buyback program begins in thethird quarter and runs through the second quarter of 2017. The quarterlydividend is payable Aug. 15 to shareholders of record as of Aug. 1.

Shares acquired under the repurchase program will be usedfor general corporate purposes and may be available for resale.