CIT Group

It is the largest equity investment that Clearinghouse CDFI has received in its two-decade history.

A series of balance sheet moves and a focus on deposit gathering and business lending led to a $157 million profit in the second quarter.

CIT will provide revolving and term loan commitments of up to $100 million through a partnership with the Northbrook, Ill., insurance company.

JPMorgan Chase’s Colleen Briggs and Fiona Greig are among those working on ways to help a growing segment of consumers with wildly fluctuating incomes. Plus, the women of Wells Fargo’s board and a big promotion at Citi.

The results handily beat estimates as the company benefited from CEO Ellen Alemany’s ongoing effort to shed businesses and simplify operations.

Carol Hayles’ departure from CIT leaves us with one less female CEO-CFO team in banking; even Supreme Court justices get manterrupted; a Google doodle celebrates a microlender; and Sen. Elizabeth Warren strikes a pose.

John Fawcett, previously CFO at Citizens Financial in Providence, R.I., will succeed Carol Hayles.

The sale to Tokyo Century Corp. will help accelerate CIT's transformation into a more traditional small-business and middle-market lender.

A number of small banks have disclosed material weaknesses in loan-loss accounting and other procedures. Reasons vary, but a common thread appears to be that accounting firms are facing pressure to beef up their scrutiny of internal controls in financial services.

The Livingston, N.J., company took a big hit in the fourth quarter as it continued to divest certain business lines and restructure its operations.