CIT Group named John C. Erickson president of its consumer bank and head of operations in California.
Erickson, 54, will be based in Pasadena, California, and report to Chief Executive Officer Ellen Alemany, New York-based CIT said Monday in a statement. He was most recently vice chairman of Mitsubishi UFJ Financial Group's U.S. division, where he worked for 31 years, CIT said.
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
Tests of models from OpenAI, Google and others found their advice tends to disadvantage names commonly associated with racial minorities and women.
Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
