Consumer banking

CIT Group Freed from Fed Order

By Chris Cumming May 30, 2013, 12:10 p.m. EDT 1 Min Read

M&A

CIT Stages a Comeback with Emphasis on M&A Financing

Under CEO John Thain, CIT Group is focusing on lending to private equity groups, selling troubled assets and making other changes. It is also on the prowl for deals.

By Danielle Fugazy

December 16
M&A

'Underleveraged' CIT Eyes More Deals Following Flagstar Purchase

The acquisition of nearly $800 in commercial loans provides a productive use for the spare cash on CIT's balance sheet, analysts say.

By Kevin Wack

January 7
M&A

CIT Loan Deal Shows Bidders Have to Be Ready to Roll Fast

Quick decision-making, cash on hand and dedicated employees are musts for successful buyers of loan pools, experts said in analyzing CIT's recent purchase of $1.2 billion of loans.

By Robert Barba

February 12

The Federal Reserve Board has terminated an enforcement action with CIT Group (CIT).

The termination of the August 2009 written agreement is the latest sign of the New York company's recovery from its bankruptcy. The agreement had required the $35 billion-asset company to submit plans for corporate government and risk management, review its loan-loss methodology and seek the Fed's approval before taking on debt or paying dividends.

Since filing for bankruptcy protection in November 2009, CIT Group has staged a recovery under Chief Executive John Thain. It had a Tier 1 capital ratio of 16.4% on March 31, and has been seeking opportunities to invest its cash stockpile. It bought $1.2 billion of commercial loans from Flagstar Bancorp (FBC) in January.

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Consumer banking

Law and regulation

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