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Fed Designates CIT Group As Bank Holding Company

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Dec 22, 2008 4:07 pm US/Eastern

Fed Designates CIT Group As Bank Holding Company

WASHINGTON (AP) ― The Federal Reserve has approved commercial financial services firm CIT Group Inc. as a bank holding company.

CIT Group sought the change in status in an effort to improve its funding options and help weather the severe credit crisis that has hit the financial sector.

The Fed's decision means the New York-based company will have permanent access to the Fed's emergency loan window and also will be eligible for loans from the $700 billion rescue fund created by Congress on Oct. 3.

(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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