CIT Bank is chartered by the state of Utah and regulated by the Utah Department of Financial Institutions and the FDIC. CIT Bank has an independent Board of Directors that guides its activities. CIT Bank raises deposits to fund its lending activities, currently by issuing CDs through various investment channels. Under the Commercial Lending Program arranged by CIT with CIT Bank, CIT Bank will work with the various commercial finance units within CIT to fund loans into the CIT Bank portfolio via CIT Bank’s deposit generation model. 

CIT Bank is FDIC insured.