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What: Shares of CIT Group
So what: CIT Bank had been under the cease and desist order preventing the bank from taking new deposits. The ban was lifted today and should open up a new funding source for the company.
Now what: With the ban lifted, CIT should find it somewhat easier to get funding for its lending business. CIT has turned around quickly since returning from bankruptcy, and this should be another catalyst for the company. I would prefer to buy on tangible financial results rather than the hope that this brings, but it's good news nonetheless.
Interested in more info on CIT Group? Add it to your watchlist.
Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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