CIT Group

Recognizing the sizable opportunity in batteries, some project finance banks have recently begun supporting battery developments, and others expect to follow soon.

A new app will allow small-business clients to quickly apply for credit while expanded offerings for homeowners associations will help CIT build up its base of low-cost deposits.

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The company says it's responding to the feedback of consumers who want online options beyond savings products.

CIT Group has agreed to lend and invest the money mostly in California as well as in the eight states where Mutual of Omaha Bank has branches.

Ellen Alemany said that CIT's deal for Mutual of Omaha Bank will immediately lower the bank's deposit funding by 20 basis points. She also reiterated that the acquisition would make CIT more attractive to potential buyers.

Three years into the turnaround plan at CIT Group, Ellen Alemany continues to remake the commercial finance company she inherited into more of a traditional bank. The purchase of Mutual of Omaha Bank is another step toward that goal.

The Department of Housing and Urban Development approved a settlement in favor of the California Reinvestment Coalition against CIT Group's OneWest Bank, which Steven Mnuchin ran before he became Treasury secretary.

The resignation of Wells Fargo CEO Tim Sloan represented more troubles for an already scandal-ridden financial institution.

James Hubbard will replace Stuart Alderoty, who left CIT earlier this year to join the fintech Ripple.