Cit (CIT) 10-Q 5 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 24, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	CIT GROUP INC.
Entity Central Index Key	0001171825
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity File Number	001-31369
Entity Tax Identification Number	65-1051192
Entity Address, Address Line One	11 West 42nd Street
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	461-5200
Entity Address, State or Province	NY
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		98,366,723
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NYSE
Trading Symbol	CIT
5.625% Non-Cumulative Perpetual Preferred Stock, Series B
Document Information [Line Items]
Title of 12(b) Security	5.625% Non-Cumulative Perpetual Preferred Stock, Series B, par value $0.01 per share
Security Exchange Name	NYSE
Trading Symbol	CITPRB

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and due from banks, including restricted balances of $29.6 at March 31, 2020 and $875.2 at December 31, 2019 (see Note 9 for amounts pledged)	$ 220.7	$ 990.1
Interest bearing cash, including restricted balances of $2.1 at March 31, 2020 and $2.2 at December 31, 2019 (see Note 9 for amounts pledged)	3,477.8	1,695.5
Securities purchased under agreement to resell		950
Investment securities, including securities carried at fair value with changes recorded in net income of $0.0 at March 31, 2020 and $47.2 at December 31, 2019 (see Notes 6 and 9 for amounts pledged)	6,128.6	6,276.8
Assets held for sale	73.2	32.1
Loans (see Note 9 for amounts pledged)	38,530.4	30,998.9
Allowance for credit losses	(1,111.1)	(482.6)
Total loans, net of allowance for credit losses	37,419.3	30,516.3
Operating lease equipment, net (see Note 9 for amounts pledged)	7,488.1	7,319.7
Bank-owned life insurance	1,100.9	1,043.2
Goodwill	146.8	369.9
Other assets, including $546.5 at March 31, 2020 and $190.7 at December 31, 2019, at fair value	2,881.3	1,639.2
Total Assets	58,936.7	50,832.8
Liabilities
Deposits	42,162.1	35,139.5
Credit balances of factoring clients	1,023.7	1,176.2
Other liabilities, including $164.4 at March 31, 2020 and $100.8 at December 31, 2019, at fair value	1,795.8	1,704.7
Borrowings, including $514.0 at March 31, 2020 and $14.3 at December 31, 2019 contractually due within twelve months	8,094.3	6,473.4
Total Liabilities	53,075.9	44,493.8
Stockholders’ Equity
Preferred Stock: $0.01 par value, 100,000,000 shares authorized, 8,325,000 shares issued and outstanding at March 31, 2020 and December 31, 2019	525	525
Common Stock: $0.01 par value, 600,000,000 shares authorized Issued: 0 at March 31, 2020 and 162,188,287 at December 31, 2019 Outstanding: 0 at March 31, 2020 and 94,742,564 at December 31, 2019	1.6	1.6
Paid-in capital	6,873.3	6,853.7
Retained earnings	1,552.1	2,307.6
Accumulated other comprehensive income (loss)	66.8	(52.1)
Treasury stock: 64,648,829 shares at March 31, 2020 and 67,445,723 shares at December 31, 2019 at cost	(3,158)	(3,296.8)
Total Common Stockholders’ Equity	5,335.8	5,814
Total Equity	5,860.8	6,339
Total Liabilities and Equity	$ 58,936.7	$ 50,832.8

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Cash and interest bearing deposits, restricted	$ 29.6	$ 875.2
Restricted interest-bearing deposits	2.1	2.2
Securities carried at fair value with changes recorded in net income	0	47.2
Other assets at fair value	546.5	190.7
Other liabilities at fair value	164.4	100.8
Borrowings contractually due within twelve months	$ 514	$ 14.3
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred Stock, shares issued (in shares)	8,325,000	8,325,000
Preferred Stock, shares outstanding (in shares)	8,325,000	8,325,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	600,000,000	600,000,000
Common Stock, shares issued (in shares)	163,014,943	162,188,287
Common Stock, shares outstanding (in shares)	98,366,114	94,742,564
Treasury stock, shares at cost (in shares)	64,648,829	67,445,723

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest income
Interest and fees on loans	$ 467.6	$ 451.3
Other interest and dividends	46	65.2
Interest income	513.6	516.5
Interest expense
Interest on deposits	156.6	153.8
Interest on borrowings	69.1	81.8
Interest expense	225.7	235.6
Net interest revenue	287.9	280.9
Provision for credit losses	513.9	33
Net interest revenue, after credit provision	(226)	247.9
Non-interest income
Rental income on operating leases	209.8	217.7
Other non-interest income	130.6	96.8
Total non-interest income	340.4	314.5
Total revenue, net of interest expense and credit provision	114.4	562.4
Non-interest expenses
Depreciation on operating lease equipment	78.3	79.4
Maintenance and other operating lease expenses	53.6	49.8
Operating expenses	334.4	276.1
Goodwill impairment	344.7
Loss on debt extinguishment and deposit redemption		0.1
Total non-interest expenses	811	405.4
(Loss) income from continuing operations before (benefit) provision for income taxes	(696.6)	157
(Benefit) provision for income taxes	(72.3)	37.8
(Loss) income from continuing operations	(624.3)	119.2
Discontinued operations
Loss from discontinued operations, net of taxes		(0.3)
Net (loss) income	(624.3)	118.9
Preferred stock dividends	3.8
Net (loss) income available to common shareholders	(628.1)	118.9
(Loss) income from continuing operations available to common shareholders	$ (628.1)	$ 119.2
Basic (loss) income per common share
(Loss) income from continuing operations	$ (6.40)	$ 1.19
Loss from discontinued operations		(0.01)
Basic (loss) income per share	(6.40)	1.18
Diluted (loss) income per common share
(Loss) income from continuing operations	(6.40)	1.18
Income (loss) from discontinued operations	0	0
Diluted (loss) income per share	$ (6.40)	$ 1.18
Average number of common shares (thousands)
Basic	98,089	100,420
Diluted	98,089	101,096

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract]
Net (loss) income	$ (624.3)	$ 118.9
Other comprehensive income, net of tax
Foreign currency translation adjustments	(0.9)	5.7
Net unrealized gains on available for sale securities	117	45.2
Changes in benefit plans net gains and prior service (cost)/credit	2.8	2.2
Other comprehensive income, net of tax	118.9	53.1
Comprehensive (loss) income	$ (505.4)	$ 172

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock, at Cost
Beginning balance at Dec. 31, 2018	$ 5,946.6	$ 325	$ 1.6	$ 6,810.8	$ 1,924.4	$ (178.3)	$ (2,936.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	118.9				118.9
Other comprehensive income, net of tax	53.1					53.1
Dividends paid	(25.7)				(25.7)
Share repurchases	(179.7)						(179.7)
Amortization of stock compensation expenses	(4.4)			13.7			(18.1)
Employee stock purchase plan	0.7			0.7
Ending balance at Mar. 31, 2019	5,909.5	325	1.6	6,825.2	2,017.6	(125.2)	(3,134.7)
Beginning balance at Dec. 31, 2019	6,339	525	1.6	6,853.7	2,307.6	(52.1)	(3,296.8)
Adoption of Accounting Standard Update at Dec. 31, 2019	(82.4)				(82.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(624.3)				(624.3)
Other comprehensive income, net of tax	118.9					118.9
Dividends paid	(38.7)				(38.7)
Issuance of common stock - acquisition	141.2				(10.1)		151.3
Amortization of stock compensation expenses	6.3			18.8			(12.5)
Employee stock purchase plan	0.8			0.8
Ending balance at Mar. 31, 2020	$ 5,860.8	$ 525	$ 1.6	$ 6,873.3	$ 1,552.1	$ 66.8	$ (3,158)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Dividends paid per common share	$ 0.35	$ 0.25
Series B Preferred Share
Dividends paid per share	$ 0.48

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operations
Net (loss) income	$ (624.3)	$ 118.9
Adjustments to reconcile net (loss) income to net cash flows from operations:
Provision for credit losses	513.9	33
Depreciation on operating lease equipment	78.3	79.4
Amortization of stock compensation expenses	18.8	13.7
Net gain on asset sales and impairments on assets held for sale	(54.6)	(21.6)
Loss on debt extinguishment and deposit redemption		0.1
Provision for deferred income taxes	104.1	23
(Increase) decrease in loans held for sale	(57.9)	28.9
Goodwill impairment	344.7
Increase in other assets	(536.2)	(116.7)
Decrease in other liabilities	(159.3)	(71.9)
Other operating activities	28	18.8
Net cash flows (used in) provided by operations	(344.5)	105.6
Cash Flows from Investing Activities
Changes in loans, net	(1,403.3)	(651.9)
Purchases of investment securities and securities purchased under agreement to resell	(1,519.6)	(2,546.2)
Proceeds from sales and maturities of investment securities and securities purchased under agreement to resell	4,055.8	790.4
Proceeds from asset and receivable sales	171.6	126.3
Purchases of assets to be leased and other equipment	(280.9)	(102.4)
Proceeds from sale of OREO, net of repurchases	4.5	12.3
Purchase of bank owned life insurance	(50)	(155)
Acquisition, net of cash received	(727.1)
Other investing activities		11.2
Net cash flows provided by (used in) investing activities	251	(2,515.3)
Cash Flows from Financing Activities
Proceeds from the issuance of term debt and FHLB advances	1,700
Repayments of term debt, FHLB advances, and net settlements	(393)	(1,552.6)
Net increase in deposits	33.5	3,708.9
Repurchase of common stock		(179.7)
Dividends paid	(38.7)	(25.7)
Other financing activities	(189.5)	(18.5)
Net cash flows provided by financing activities	1,112.3	1,932.4
Effect of exchange rate changes on cash and cash equivalents	(5.9)	1.9
Increase (decrease) in cash, cash equivalents and restricted cash	1,012.9	(475.4)
Cash, cash equivalents, and restricted cash beginning of period	2,685.6	1,795.6
Cash, cash equivalents, and restricted cash end of period	3,698.5	1,320.2
Supplementary Cash Flow Disclosures
Interest paid	(270.5)	(277.8)
Federal, foreign, state and local income taxes refunded, net	1.3	0.9
Supplementary Non Cash Flow Disclosure
Transfer of assets from held for investment to held for sale	52.3	98
Transfer of assets from held for sale to held for investment	12.5	0.7
Transfers of assets to OREO	0.3	9
Commitments extended during the period on affordable housing investment credits	12.5	$ 20
Issuance of common stock - acquisition	$ 141.2

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Reconciliation of cash, cash equivalents and restricted cash
Cash and due from banks, including restricted balances of $29.6 and $22.9 at March 31, 2020 and 2019, respectively	$ 220.7	$ 990.1	$ 130.1
Interest-bearing cash, including restricted balances of $2.1 and $2.3 at March 31, 2020 and 2019, respectively	3,477.8	1,695.5	1,190.1
Total cash, cash equivalents, and restricted cash shown in the Statements of Cash Flows	3,698.5	2,685.6	1,320.2	$ 1,795.6
Cash and due from banks, restricted	29.6	875.2	22.9
Restricted interest-bearing deposits	$ 2.1	$ 2.2	$ 2.3

Business and Summary of Signifi

Business and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 — BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CIT Group Inc., together with its subsidiaries (collectively "we", "our", "CIT" or the "Company"), is a bank holding company ("BHC") and a financial holding company ("FHC"). CIT was formed in 1908 and provides financing, leasing and advisory services, principally to middle-market companies in a wide variety of industries, primarily in North America. We also provide banking and related services to commercial and individual customers through our banking subsidiary, CIT Bank, N.A. ("CIT Bank" or the "Bank"), which includes a regional branch network of approximately 90 branches and its online bank . CIT is regulated by the Board of Governors of the Federal Reserve System ("FRB") and the Federal Reserve Bank of New York ("FRBNY") under the U.S. Bank Holding Company Act of 1956, as amended. CIT Bank is regulated by the Office of the Comptroller of the Currency of the U.S. Department of the Treasury ("OCC"). In addition, CIT Bank, as an insured depository institution, is supervised by the Federal Deposit Insurance Corporation (“FDIC”). BASIS OF PRESENTATION Basis of Financial Information These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q for interim financial information and accordingly do not include all information and note disclosures required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. The financial statements in this Form 10-Q, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of CIT’s financial position, results of operations and cash flows in accordance with GAAP. These consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2019 ("2019 Form 10-K"). The accounting and financial reporting policies of CIT conform to GAAP and the preparation of the consolidated financial statements is in conformity with GAAP, which requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates and assumptions. Some of the more significant estimates include: Allowance for Credit Losses (“ACL”), realizability of deferred tax assets, and goodwill. Additionally, where applicable, the policies conform to accounting and reporting guidelines prescribed by bank regulatory authorities. Principles of Consolidation The accompanying consolidated financial statements include financial information related to CIT and its majority-owned subsidiaries and those variable interest entities (“VIEs”) where the Company is the primary beneficiary (“PB”). In preparing the consolidated financial statements, all significant inter-company accounts and transactions have been eliminated. Assets held in an agency or fiduciary capacity are not included in the consolidated financial statements. The current period’s results of operations do not necessarily indicate the results that may be expected for any other interim period or for the full year as a whole. Discontinued Operations There were no discontinued operations as of March 31, 2020 and December 31, 2019. See further discussion in Note 2 – Acquisition and Discontinued Operations . Acquisition On January 1, 2020, CIT acquired Mutual of Omaha Bank (“MOB”), the savings bank subsidiary of Mutual of Omaha Insurance Company and Omaha Financial Holdings, Inc. (“OFHI”) for approximately $1 billion in cash and stock (the “MOB Acquisition” or “MOB Transaction”). The results for the quarter ended March 31, 2020 include the activity of MOB whereas no MOB activity for the comparable March 31, 2019 quarter is included. See further discussion in Note 2 – Acquisition and Discontinued Operations The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and Interagency Statement On March 27, 2020, the CARES Act was signed into law. Section 4013 of the CARES Act gives financial institutions temporary relief from the accounting and disclosure requirements related to troubled debt restructurings (“TDRs”) under ASC 310-40 and past due and non-accrual reporting in certain situations. Under the CARES Act, banks may elect to deem that loan modifications do not result in TDRs if they are: (1) related to the novel coronavirus disease (“COVID-19”) pandemic; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the national emergency declared by the President under the National Emergencies Act with respect to COVID-19 (the “National Emergency”) or (B) December 31, 2020. With respect to past due and non-accrual loans, the CARES Act provides that financial institutions are not expected to designate loans with payment accommodations granted due to COVID-19 as past due or non-accrual if they were current on the date used to determine borrower’s delinquency status for the purpose of providing the deferment . Additionally, on April 7, 2020, a group of federal and state government banking agencies issued an Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) (the “Interagency Statement”) that offers some practical expedients for evaluating whether loan modifications that occur in response to the COVID-19 pandemic are TDRs. The Interagency Statement indicates that a lender can conclude that a borrower is not experiencing financial difficulty if either (1) short-term (e.g., six months or less) modifications are made in response to COVID-19, such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant related to loans in which the borrower is less than 30 days past due on its contractual payments at the time a modification program is implemented, or (2) the modification or deferral program is mandated by the federal government or a state government (e.g., a state program that requires all institutions within that state to suspend mortgage payments for a specified period). The Interagency Statement interprets, but does not suspend, ASC 310-40 as any loan modification made in response to the COVID-19 pandemic that meets either of these practical expedients would not be considered a TDR because the borrower is not experiencing financial difficulty. As provided for under the CARES Act, a financial institution may account for an eligible loan modification either under Section 4013 or in accordance with ASC Subtopic 310-40. The Interagency Statement provides that with respect to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral, and that “each financial institution should refer to the applicable regulatory reporting instructions, as well as its internal accounting policies, to determine if loans to stressed borrowers should be reported as non-accrual assets in regulatory reports.” However, during the short-term arrangements discussed in the Interagency Statement, these current loans generally should not be reported as non-accrual. CIT intends to apply the TDR provisions of the CARES Act on a product-type basis, or on a loan-by-loan basis, for eligible loan modifications. For eligible loans for which the CARES Act is not applied, CIT intends to follow the applicable guidance of the Interagency Statement. For such deferrals, CIT has elected to continue to recognize interest income (at a modified effective rate) subject to consideration of whether the loan should be placed on non-accrual status. SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies are included in the Company's 2019 Form 10-K. Effective January 1, 2020, CIT changed its accounting policy for the measurement of credit losses on financial instruments resulting from the adoption of ASU 2016-13 Financial Instruments — Credit Losses (Topic 326) . ASU 2016-13 Financial Instruments – Credit Losses (Topic 326) On January 1, 2020, CIT adopted ASU 2016-13 Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2016-13 was adopted using a modified-retrospective approach with a cumulative-effect adjustment to the opening balance of retained earnings. As of January 1, 2020, retained earnings was decreased by $82.4 million due to the adoption of this new standard. Comparative prior period financial information was not adjusted and will continue to be reported under previously applicable accounting guidance. Allowance Methodology Topic 326 requires estimating and recognizing expected credit losses over the remaining expected life for applicable financial assets. However, the standard does not prescribe a specific credit loss methodology, requiring CIT to use judgment in determining the relevant information and estimation methods that are appropriate, as long as they are applied consistently over time. Determining an appropriate ACL requires significant judgment that may change based on management’s ongoing process for analyzing the credit quality of the Company’s loan portfolio. Loans are first bifurcated between commercial and consumer loans. CIT then estimates the ACL for financial assets with similar risk characteristics on a collective basis. A financial asset is measured individually only if it does not share similar risk characteristics with other financial assets. The ACL for AFS debt securities is estimated by using the discounted cash flow method, which reflects the differences between the amortized cost basis and the present value of the principal and interest cash flows expected to be collected. The ACL for loans is estimated by using a method other than a discounted cash flow method, and therefore reflects CIT’s expected credit losses on the amortized cost basis of the financial assets as of the reporting date. The estimate of ACL is based on relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amounts. CIT utilizes a forecast that extends over the contractual term of the loans , and which CIT considers reasonable and supportable for the life of the loan. This forecast uses historical information and takes into consideration current conditions and economic expectations before converging to a long-run trend . The ACL is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net amount expected to be collected on the financial asset. At the reporting date, CIT records an ACL on the amortized cost of financial assets, including purchased financial assets. Any changes in the current estimate of the ACL from the estimated ACL previously recorded are reported in net income as provision for credit losses expense or reversal of provision for credit losses. Amortized cost basis is defined as the amount at which a loan or investment is originated or acquired, adjusted for applicable accrued interest, accretion, or amortization of premium, discount, and net deferred fees or costs, collection of cash, write-offs, foreign exchange, and fair value hedge accounting adjustments. Accrued interest is separately reported from the loan’s amortized cost basis as Accrued Interest Receivable within Other Assets. The total amount that is excluded from the amortized cost basis is disclosed in Note 3 – Loans. Commercial Loans With respect to commercial loans, the Company monitors various factors, including expected and historical losses and levels of, and trends in, past due loans, non-performing assets, collateral values and economic conditions. These risk factors are considered when Commercial Loans are graded according to the Company’s internal rating system with respect to probability of default (“PD”) and loss given default (“LGD”) (severity). The PD and severity are derived through historical observations of default and subsequent losses within each risk grading. Credit quality indicators used in determining risk ratings are monitored and updated at least annually. CECL models are employed to develop a lifetime PD which is used to establish the ACL for financial assets that are measured on a collective basis. These models utilize external and internal historical loan performance data together with historical macroeconomic data to identify correlations and select macro variables such as unemployment rate and gross domestic product growth rate that would be appropriate predictors of loan losses in the future to determine the ACL. See Note 3 – Loans Consumer Loans With respect to consumer loans, there are two main single family residential (“SFR”) loan portfolios – a consumer lending mortgage portfolio that includes new business originations and purchases, and a run-off portfolio that was acquired in 2015 as part of the OneWest acquisition (within the LCM division). For SFR loans, the Company monitors loan performance metrics, including delinquency and non-accrual status, and credit quality risk indicators such as the Loan-to-Value Ratio (“LTV”) of the underlying collateral and the credit score developed by the Fair, Isaac and Company (the “FICO score”) of borrowers excluding government insured loans (refer to Zero Loss Assumption section below). LTV refers to the ratio comparing the loan's unpaid principal balance to the property's current collateral value as an indicator of the potential loss severity in the event of default. The Company periodically updates the property values of real estate collateral (for home equity and residential mortgages) to calculate current LTV ratios, adjusted based on home price indices compiled by the Case-Shiller Home Price Indices, or more often if events require (e.g., a loan secured by the collateral is placed on non-accrual). The Company examines LTV migration and stratifies LTV into categories to monitor the risk in the loan classes. The borrower’s current or “refreshed” FICO score, which is obtained at least quarterly, is a secondary credit quality indicator for certain loans, as FICO scores are an indication of the borrower’s credit payment history. Thus, a loan to a borrower with a low FICO score (less than 660) is considered to be of higher risk than a loan to a borrower with a higher FICO score. Further, a loan to a borrower with a high LTV ratio and a low FICO score is at greater risk of default than a loan to a borrower that has both a high LTV ratio and a high FICO score. For consumer loans that are evaluated collectively, ACL and cash flow projections are developed with models that utilize historical loan performance data together with historical macroeconomic data to identify correlations and select macro variables that would be appropriate in estimating future loan losses. The macroeconomic variables considered include measurements of the regional economy, home price changes and unemployment rates, which may have an impact on credit quality. Refer to Note 3 – Loans Purchased Credit Deteriorated (“PCD”) Financial Assets PCD assets are acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by an acquirer’s assessment. A single asset can be deemed a PCD asset, or a group of assets acquired together that have similar risk characteristics can be classified as PCD assets. PCD assets are recorded at their purchase price plus the ACL expected at the time of acquisition, or “gross up” of the amortized cost basis. Day 1 ACL is established for these loans without an income statement effect. Any changes in the current estimate of the ACL after acquisition from the estimated ACL previously recorded are reported in net income as provision for credit losses expense or reversal of provision for credit losses in subsequent periods as they arise. A purchased financial asset that does not qualify as a PCD asset is accounted for similarly to originated assets, whereby an ACL is recognized with a corresponding increase to the income statement provision for credit losses. Determining which assets meet the PCD definition requires management’s judgment as there is no definition provided for “more-than-insignificant deterioration in credit quality”. Credit deterioration attributes such as credit risk ratings, FICO score, delinquency status and other standard indicators (i.e., TDR, non-accrual status, charge-offs and bankruptcy) are used to classify PCD assets either at the level of the individual asset or on the basis of a group or pool in an asset acquisition or business combination. In terms of CIT’s former purchased credit-impaired loans (“PCI”) under ASC 310-30, the Company elected to transition from pool level to loan level by using the undiscounted expected cash flows for each asset within the pool to allocate the respective non-credit discount pursuant to ASC 326-20. PCI assets became PCD assets via the re-characterization of existing non-accretable discount as ACL using the undiscounted contractual cash flows method at the loan level with no equity impact at transition. In transitioning from PCI to PCD, accrued interest was recognized separately from the loan balance given the Company’s accounting policy election not to measure an ACL on accrued interest receivable within other assets. Zero Loss Assumption Measurement of expected credit losses is not required for a financial asset or group of financial assets if historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation of nonpayment of the amortized cost basis of zero. Government-insured consumer loans (e.g., Federal Housing Administration (“FHA”)), U.S. treasury securities, U.S. government agency issued securities and certain commercial agency securities are within the scope of the zero loss assumption under CECL given these securities have the highest credit ratings, a long history of no credit losses, and are guaranteed by high credit quality entities. MOB Acquisition In connection with the MOB Acquisition, the Company incorporated MOB’s financial assets into CIT’s CECL framework. CIT was required to record an allowance for non-PCD assets with a corresponding increase to the income statement provision for credit losses. For acquired PCD loans, an allowance was required with a corresponding increase to the amortized cost basis as of the acquisition date. For PCD loans where all or a portion of the loan balance has been previously written-off, or would be subject to write-off under CIT’s charge-off policy, the CECL allowance included as part of the grossed-up loan balance at acquisition was immediately written-off, resulting in a zero period-end allowance balance and no impact on the ACL rollforward. Refer to Note 2 Acquisition and Discontinued Operations Other Allowance Factors With respect to loans transferred from held for investment (“HFI”) to assets held for sale (“AHFS”), prior to transfer to AHFS a write-down of the amortized cost basis is recognized with a charge to the provision for credit losses, to the extent the carrying value exceeds the fair value and the difference relates to credit quality. After the asset is transferred to AHFS, the amount by which the amortized cost basis exceeds fair value is accounted for as a valuation allowance in other income, and changes in valuation are included in the determination of net income of the period in which the change occurs. With respect to loans transferred from AHFS to HFI, any valuation allowance previously recorded on the AHFS is reversed through earnings prior to the transfer. CIT then reclassifies the loan into HFI at its amortized cost basis (which is reduced by any previous charge-offs but excludes any valuation allowance). After transferring back into HFI, the loan is evaluated in accordance with CIT’s normal credit review policies with any necessary ACL recognized with a corresponding increase to the income statement provision for credit losses. An approach similar to the ACL process is utilized to calculate the allowance for off-balance-sheet credit exposures related to unfunded loan commitments, letters of credit and deferred purchase agreements (“DPAs”). The allowance for off-balance-sheet credit exposures is maintained to absorb estimated credit losses related to these facilities and includes an assumption of the likelihood that funding will occur prior to an obligor defaulting. The allowance for off-balance-sheet credit exposures is recorded as a liability within other liabilities on the Consolidated Balance Sheets. Net adjustments to the allowance for off-balance-sheet credit exposures are included in the provision for credit losses. A loan or lease is determined to be collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. Collateral dependent loans and leases are recorded at their amortized cost basis. An ACL is established for an excess of amortized cost of collateral-dependent loans or leases over the fair value of the underlying collateral (less costs to sell, if applicable) at the reporting date. Collateral-dependent loans and leases are identified on a quarterly basis. The underlying collateral is primarily equipment and real estate. CECL requires that entities do not extend the contractual term for expected extensions, renewals, and modifications unless it has a reasonable expectation at the reporting date that it will execute a TDR with the borrower. In addition, extension or renewal options (excluding those that are accounted for as a derivative) that are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the entity are considered when determining the contractual term of a loan. Under CIT’s allowance methodology, CIT defines a TDR as reasonably expected when the Company has identified and approved a TDR for commercial loans and when CIT as a Lender has approved the terms of a trial modification for a borrower experiencing financial difficulty (i.e., typically the beginning of the trial period) for consumer loans. Borrower extension options exist exclusively in the Real Estate Finance division. The amount of the reserve required for these contracts is affected by (1) the size of the portfolio with extension options at the discretion of the borrower; (2) the length and number of extensions for which the borrower is eligible, and (3) the probability the borrower will elect and qualify for the extension. Past Due and Non-Accrual Loans A loan is considered past due for financial reporting purposes if a default of contractual principal or interest exists for a period of 30 days or more. For consumer mortgage loans, under the Mortgage Bankers Association’s method of reporting delinquencies, a loan is delinquent if a monthly payment has not been received by the end of the day immediately preceding the loan’s next due date. All other loans use a method of reporting delinquencies that considers a loan delinquent if a monthly payment has not been received by the close of business on the loan’s next due date. Past due loans consist of loans that are still accruing interest as well as loans on non-accrual status. Loans are placed on non-accrual status when the financial condition of the borrower has deteriorated and payment in full of principal or interest is not expected or the scheduled payment of principal and interest has been delinquent for 90 days or more, unless the loan is both well secured and in the process of collection. The Company elected that at the time a loan is placed on non-accrual status (for Commercial Loans) or is contractually delinquent for 90 days Individually Reviewed Loans CECL guidance provides that a financial asset is measured individually if it does not share similar risk characteristics with other financial assets. For CIT, loans which are identified to be individually reviewed under CECL typically would have been evaluated individually as impaired loans using accounting guidance in effect in periods prior to the adoption of CECL. Loans of $500 thousand or greater that are placed on non-accrual status are subject to periodic individual review by the Company’s problem loan management (“PLM”) function. The Company excludes certain loan portfolios from its individually reviewed loans disclosures as charge-offs are typically determined and recorded for such loans beginning at 90-150 days, depending on loan type, of contractual delinquency. These excluded loan portfolios include small-ticket loans, primarily in Business Capital, as well as short-term factoring receivables in Commercial Finance. Charge-Offs on Loans Charge-offs on loans are recorded after considering such factors as the borrower’s financial condition, the value of underlying collateral and guarantees (including recourse to dealers and manufacturers), and the status of collection activities. Such charge-offs are deducted from the carrying value of the related loans. This policy is largely applicable in the loan classes within Commercial Banking. In general, charge-offs of large ticket commercial loans ($500 thousand or greater) are determined based on the facts and circumstances related to the specific loan and the underlying borrower and the use of judgment by the Company. Charge-offs of small ticket commercial loans are recorded beginning at 90-150 days, depending on loan type, of delinquency. Charge-offs of consumer loans are recorded beginning at 120 days of delinquency. The value of the underlying collateral will be considered when determining the charge-off amount if repossession is reasonably assured and in process. Charge-offs on the Company’s loans are reflected in the provision for credit losses. Expected recoveries of amounts previously written off and expected to be written off are included in CIT’s loss estimates as decreases to the ACL and the provision for credit losses. In some circumstances, the ACL for a specific portfolio or loan may be negative because the amount expected to be collected, including expected recoveries, exceeds the financial asset’s amortized cost basis. The negative ACL is limited to the amounts previously written off and expected to be written off by the Company. For acquired PCD loans where all or a portion of the loan balance had been charged off prior to acquisition, and for which active collection efforts are still underway, the CECL allowance included as part of the grossed-up loan balance at acquisition is immediately charged off if required by CIT’s existing charge off policy. Additionally, CIT is required to consider its existing policies in determining whether to charge off any financial assets, regardless of whether a charge-off was recorded by the predecessor company. The initial ACL recognized on PCD assets includes the gross-up of the loan balance reduced by immediate charge-offs for loans previously charged off by the predecessor company or which meet CIT’s charge-off policy on the date of acquisition. Charge-offs against the allowance related to such acquired PCD loans do not result in an income statement impact. See Note 4 – Allowance for Credit Losses Investments Financial Assets with Collateral Maintenance Provisions The Company has elected to measure the ACL by comparing the amortized cost basis of the financial asset with the fair value of collateral at the reporting date. Such financial assets include reverse repurchase agreements that are collateralized by securities. The Company marks the collateral assets for these transactions on a daily basis and any change, (e.g. decrease in value of collateral), results in additional collateral being called such that the Company is not exposed to default risk of the counterparty. The collateral placed or received are High Quality Liquid Securities. This election may result in an estimate of zero expected credit losses when the collateral levels are required to be adjusted and replenished to be always equal to or greater than the amortized cost basis of the financial assets. The fair value of collateral is reviewed at each reporting period to ensure zero loss assumption is appropriately applied. Evaluating AFS Debt Securities for Credit Losses An unrealized loss exists when the current fair value of an individual debt security is less than its amortized cost basis. Debt securities classified as AFS that are in an unrealized loss position, which the Company does not intend to sell or is not likely to be required to sell, are evaluated to determine whether the decline in fair value has resulted from credit losses or other factors at the individual security level, if they do not qualify for zero-loss assumption. If evidence of credit loss exists, the present value of expected cash flows is compared with the amortized cost basis and an allowance is recorded as a deduction from the security balance, with a corresponding increase in the provision for credit losses, limited by the amount that the fair value is less than the amortized cost basis. Non-credit related impairment losses are recorded in Other Comprehensive Income (“OCI”). Any changes in the current estimate of the ACL from the estimated ACL previously recorded are reported in net income as provision for credit losses expense or reversal of provision for credit losses. Losses are charged against the ACL when the uncollectibility of an AFS debt security is confirmed by management. Change in the ACL due to changes in time value is reported as provision for credit losses. If the Company intends to sell the debt security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, any existing ACL is written off and the amortized cost basis of the security is written down to the fair value at the reporting date with any incremental impairment reported in earnings. Accrued Interest Receivable on AFS The Company elected to present the accrued interest receivable balance separately within Other Assets. Accrued interest is excluded from both the fair value and the amortized cost basis of the AFS debt security for the purpose of identifying and measuring impairment. The Company elected not to measure an ACL for accrued interest receivable, rather, all previously accrued but uncollected interest is reversed and charged against interest income when the AFS security is deemed uncollectible by management. Regulatory Capital In March 2020, the OCC, FRB and Federal Deposit Insurance Corporation (“FDIC”) collectively issued an interim final rule on the Revised Transition of the Current Expected Credit Losses Methodology for Allowances (“Revised CECL Transition Rule”) for regulatory capital. See Note 13 – Regulatory Capital for more details Other Newly Adopted Accounting Standards In addition to ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) Note 1 – Business and Summary of Significant Accounting Policies • ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities . The adoption of this standard did not have a material impact on CIT’s consolidated financial statements and disclosures. • ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The adoption of this standard did not have a material impact on CIT’s consolidated financial statements and disclosures. Recent Accounting Pronouncements The following accounting pronouncements were issued by the FASB but are not yet effective for CIT. Standard Summary of Guidance Effect on CIT's Financial Statements ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting Issued March 2020 • The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. • The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference ra

Acquisition and Discontinued Op

Acquisition and Discontinued Operations	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
ACQUISITION AND DISCONTINUED OPERATIONS	NOTE 2 — ACQUISITION AND DISCONTINUED OPERATIONS ACQUISITION On January 1, 2020, CIT Bank acquired MOB, the savings bank subsidiary of Mutual of Omaha Insurance Company and OFHI, for approximately $1 billion in exchange for 100% of all outstanding shares of MOB common stock. The consideration was comprised of approximately $850 million in cash and approximately 3.1 million shares of CIT Group Inc. common stock (valued at approximately $141 million based on the closing market price on December 31, 2019, the last trading price before the acquisition). The acquisition enhances CIT’s deposit and commercial banking capabilities, by adding a new channel of deposits related to homeowners’ associations (“HOA”) and enhances CIT’s middle-market commercial banking business through the addition of relationship banking teams and expanded product and technology solutions. The acquisition was accounted for as a business combination. Assets acquired totaled approximately $8.6 billion, including $121.6 million of goodwill and $102.6 million of intangible assets and included $7.6 billion of assumed liabilities and 25 bank branches. The assets acquired, liabilities assumed and consideration exchanged were recorded at their preliminary estimated fair value on the acquisition date. Consideration and Net Assets Acquired (dollars in millions) Purchase price $ 993.1 Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value Assets Cash and interest-bearing cash $ 123.1 Investment securities 1,717.6 Loans 6,297.9 Other assets 199.5 Total assets $ 8,338.1 Liabilities Deposits $ 6,992.9 Securities sold under agreements to repurchase 193.2 Other liabilities 93.1 Borrowings 290.0 Total liabilities $ 7,569.2 Total fair value of identifiable net assets 768.9 Intangible assets 102.6 Goodwill $ 121.6 The determination of estimated fair values required management to make certain estimates about discount rates, future expected cash flows (that may reflect collateral values), market conditions at the time of the acquisition and other future events that are highly subjective in nature and may require adjustments. As of March 31, 2020, the final purchase price remains subject to true up adjustments pursuant to the Agreement and Plan of Merger which provides CIT the opportunity to review the seller’s final consolidated balance sheet as of the closing date, and the purchase price allocation and fair value measurements remain preliminary due to the timing of the acquisition. CIT continues to review information relating to events or circumstances existing at the acquisition date and expects to finalize its analysis of the acquired assets and assumed liabilities over the next few months, within one year of the acquisition. Management anticipates that this review could result in adjustments to the acquisition date valuation amounts presented herein but does not anticipate that these adjustments would be material. Cash and interest-bearing cash The Company acquired cash and interest-bearing cash of $123.1 million, which includes cash on deposit with the FRB and other banks, deposits in transit, vault cash and highly liquid money market investments with original maturities of three months or less. Given the short-term nature and insignificant risk of changes in value because of changes in interest rates, the carrying amount of the acquired cash and interest-bearing cash was determined to equal the fair value. Investment securities The Company acquired a portfolio of debt securities and other equity investments valued at approximately $1.7 billion as of the acquisition date. The debt securities portfolio contains U.S. Government guaranteed / sponsored agency commercial and residential mortgage-backed securities, private label asset-backed securities and state and municipal bonds. These securities are classified as AFS debt securities. The acquisition date fair value of the securities was based on third-party dealer quotes which reflect exit prices pursuant to the guidance on fair value measurement. Loans The acquired loan portfolio, with an aggregate unpaid principal balance (“UPB”) and a fair value of approximately $6.3 billion at the acquisition date, is comprised of various types of loan products. The loan portfolio has been bucketed considering similar risk characteristics and product types and was further segmented into a commercial loan portfolio and a consumer loan portfolio to align with CIT’s business segmentation. The following table presents the loan valuations by division in each segment. Loans (dollars in millions) UPB Fair Value Commercial Banking Commercial Finance $ 2,316.4 $ 2,249.4 Real Estate Finance 2,107.3 2,106.4 Consumer Banking Consumer and Community Banking 1,926.7 1,942.1 Total loans $ 6,350.4 $ 6,297.9 The acquired loan portfolios above were valued using the direct method under the income approach. The income approach derives an estimate of value based on the present value of the projected future cash flows of each loan using a discount rate that incorporates the relevant risks associated with the asset and time value of money. To perform the valuation, the loan portfolio was divided into approximately twenty cohorts based on risk characteristics, nature and collateral of the underlying loans and product type. The loan cohorts were further bifurcated for fixed and adjustable rate loans and then stratified based on credit risk rating for commercial loans and FICO scores for consumer loans. The key cash flow assumptions related to the above acquired loan portfolios were: prepayment rate, default rate, severity rate and discount rate, as applicable. The Company applied the recovery approach to value the commercial loans identified as individually impaired loans . The fair value of the loans was estimated by discounting the estimated recovery amount to be collected at the selected discount rate through the expected liquidation timeline of each loan. The discount rate and liquidation timeline were selected based on market observations for these types of assets. The table below summarizes the key valuation input assumptions by division for the acquired loans, excluding the individually impaired loans: Discount Rate Severity Rate Prepayment Rate Default Rate Loan portfolio Range Weighted Avg. Range Weighted Avg. Range Weighted Avg. Range Weighted Avg. Commercial Banking Commercial Finance 3.25% -15.50% 4.33% 15.00% - 60.00% 18.59% 1.25% - 26.75% 17.99% 0.25% - 7.00% 1.90% Real Estate Finance 3.25% - 5.50% 3.86% 15.00% - 30.00% 18.37% 0.50% - 26.75% 17.77% 0.10% - 7.00% 2.67% Consumer Banking Consumer and Community Banking 2.50% - 6.75% 3.42% 5.00% - 35.00% 9.95% 1.50% - 30.0% 21.93% 0.05% - 7.00% 0.33% Goodwill and intangible assets The goodwill recorded is attributable to advancing CIT’s bank deposit strategy by establishing a leading market share in HOA banking, improving CIT’s competitive position in the financial services industry, and the related synergies that are expected to result from the acquisition. The $121.6 million of preliminary goodwill recorded represents the excess of the purchase price over the estimated fair value of the net assets acquired by CIT, including intangible assets. See Note 18 – Goodwill and intangible assets The following table presents the intangible assets recorded in conjunction with the MOB Transaction related to the valuation of core deposits, customer relationships and trade name. Intangible Assets (dollars in millions) Fair Value Estimated Useful Life Amortization Method Core deposit intangibles $ 96.1 10 years Straight line Customer relationships 3.5 10 years Accelerated Trade name 3.0 10 years Straight line Total intangible assets $ 102.6 • Core Deposit Intangibles — Certain core deposits were acquired as part of the transaction, which provide an additional source of funds for CIT. The core deposit intangibles represent the costs saved by CIT by acquiring the core deposits and not needing to source the funds elsewhere. This intangible was valued using the income approach: after-tax cost savings method. • Customer Relationships — Certain customer relationships were acquired as part of the transaction related to the various MOB product offerings. These relationships include those that are both consumer and commercial based, as well as those related to Community Association Banking (“CAB”) products. The acquired customer relationships were valued using the income approach: multi-period excess earnings method. • Trade Name — CIT acquired the CAB name, which is commercially recognized and expected to drive value for the HOA business. The acquired trade name was valued using the income approach: relief from royalty method. See Note 18 – Goodwill and Intangible assets Other assets Other assets of $199.5 million include $45.5 million of Right of Use (“ROU”) assets related to the application of ASC 842, $23.9 million of equity investments, $19.9 million of fair value on derivative instruments, $16.0 million of accrued interest receivable on loans, $14.9 million of property, furniture and fixtures, $12.5 million of technology assets, $10.3 million of Mortgage Servicing Rights (“MSR”) and $56.6 million of other assets. As of the acquisition date, MOB held investments in certain restricted equity, low income housing tax credits (“LIHTC”), equity equivalents in not for profits, limited partner interests in CRA funds and FHLB Stock. The fair value of the LIHTC investments considered the ongoing equity installments that are regularly allocated to each of the underlying tax credit funds comprising the LIHTC Investments, along with changes to projected tax benefits and the impact this has on future capital contributions, and an appropriately determined discount rate. At acquisition, MOB also held equity interests in four limited partnerships, which have been valued using the net asset value (“NAV”) published by each fund. The acquisition included various property, furniture and fixtures inclusive of leasehold improvements. CIT considered the income, market and cost approaches in estimating the fair value of the property, furniture and fixtures. Leasehold improvements, machinery and equipment and computer software were valued under the cost approach. Computer hardware was valued using the percent of cost method under the market approach. Office furniture and equipment were valued under market and cost approach es . The fair value of the property, furniture and fixture s was estimated at $ million. In addition, certain acquired technologies used to carry out day-to-day business activities were valued using the cost replacement method resulting in an assessed value of $ 12.5 million. The Company acquired MSRs, which represent a contract for the right to receive future revenue associated with the servicing of financial assets and thus are considered a non-financial asset. The estimated fair value of the MSRs was valued under the income approach using the discounted cash flow model which utilizes certain key assumptions including prepayment speed, discount rates and cost to service. Deposits Deposits of $7.0 billion includes $1.2 billion of certificate of deposits (“CDs”), which allow depositors to lock in interest rates for varying periods of time, and $5.8 billion of deposits with no stated maturities. CDs had contractual maturities ranging from 30 days to 5 years. These deposits were valued using the indirect method of the income approach, which is based on discounting the cash flows associated with the CDs. Value under the indirect method was a function of the projected contractual cash flows of the CDs and a credit adjusted discount rate, as observed from similar risk instruments. In order to best capture the features and risks of the CDs, they were grouped along two dimensions; maturity groups, based on the remaining fixed term of the deposits (e.g., 0 to 1 year, 1 to 2 years, etc.), and balance (e.g., less than $100,000 and greater than or equal to $100,000). The valuation of term deposits resulted in a purchase accounting adjustment (“PAA”) premium of $14.3 million. For non-maturity deposits (primarily checking, savings and money market deposits), the fair value was assumed to equal the carrying value, therefore no PAA was recorded. Securities sold under agreement to repurchase Securities sold under agreements to repurchase (“Repos”) of $193.2 million were accounted for as collateralized financing transactions as the terms of sale agreements do not qualify for sale accounting and are therefore recorded at the amount of cash received. Accrued interest payables are recorded in Other liabilities. Interest incurred is recorded in Interest expense. Repos are collateralized by securities reported as assets on the condensed Consolidated Balance Sheets. The fair value of collateral is monitored daily and additional collateral is provided or excess collateral is returned for margin maintenance purposes. All Repos were overnight and collateralized by securities issued or guaranteed by U.S. government/sponsored agencies. Given that the Repos mature each business day, the carrying values were assumed to approximate the fair value. Borrowings Borrowings reflects the Federal Home Loan Bank (“FHLB”) advances of $290.0 million. The fair value is assumed to be equal to the outstanding balance since these advances mature the next day with the interest rate set to the overnight market rate. Other liabilities Other liabilities of $93.1 million includes lease liabilities related to the application of ASC 842 Leases, various amounts accrued for compensation related costs and other payables. Unaudited Pro Forma Information The amount of MOB interest income, non-interest income and net loss of $74.7 million, $14.1 million and $92.6 million, respectively, were included in CIT’s Consolidated Income Statement for the quarter ended March 31, 2020.The MOB net loss includes $44.8 million of MOB Day 1 provision for credit losses related to the non-PCD loans. Upon integrating MOB, complete separate records for MOB as a stand-alone business will not be maintained as the operations will be fully integrated into CIT. MOB’s interest income, non-interest income and net income noted above reflect management’s best estimates, based on information available at the reporting date. The following table presents certain unaudited pro forma financial information for illustrative purposes only, for the quarters ended March 31, 2020 and 2019 as if MOB had been acquired on January 1, 2019. The unaudited estimated pro forma information combines the historical results of MOB with the Company’s consolidated historical results and includes certain adjustments for the respective periods. The key adjustments made to reflect the pro forma results as if the acquisition occurred on January 1, 2019 are the (a) removal of the MOB Day 1 provision for credit losses noted above; (b) transfer of $17.1 million of merger and integration costs from 2020 to 2019; and (c) inclusion of estimated PAA on interest income and interest expense and the recording of intangible asset amortization in 2019. CIT expects to achieve operating cost savings and other business synergies as a result of the acquisition that are not reflected in the pro forma amounts that follow. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2019. Therefore, actual results may differ from the unaudited pro forma information presented and the differences could be significant. Selected Unaudited Pro Forma Financial Information for Consolidated CIT (dollars in millions) Quarters Ended March 31, 2020 2019 Interest income $ 513.6 $ 601.1 Non-interest income 340.4 318.9 Net (loss) income $ (577.1 ) $ 127.0 DISCONTINUED OPERATIONS There were no discontinued operations as of March 31, 2020 and December 31, 2019. Loss from discontinued operations of $0.3 million reflects the activities of the Business Air and Financial Freedom businesses for the quarter ended March 31, 2019. Net cash flows used in operations totaled $5.1 million and net cash provided by investing activities totaled $23.4 million for the quarter ended March 31, 2019. See the Company’s 2019 Form 10-K, Note 2 – Discontinued Operations

Loans

Loans	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
LOANS	NOTE 3 — LOANS The following tables and data as of March 31, 2020 include the loan balances acquired in the MOB Transaction, which were recorded at fair value on the acquisition date. See Note 2 — Acquisition and Discontinued Operations Unless otherwise noted, loans held for sale are not included. Loans by Product (dollars in millions) March 31, 2020 December 31, 2019 Commercial loans $ 28,445.3 $ 22,765.1 Financing Leases and Leverage Leases 2,251.5 2,254.4 Total commercial 30,696.8 25,019.5 Consumer loans 7,833.6 5,979.4 Total loans $ 38,530.4 $ 30,998.9 The following table presents loans by segment, based on obligor location: Loans (dollars in millions) March 31, 2020 December 31, 2019 Domestic Foreign Total Domestic Foreign Total Commercial Banking $ 28,414.2 $ 1,608.5 $ 30,022.7 $ 22,866.0 $ 1,527.4 $ 24,393.4 Consumer Banking (1) 8,507.7 — 8,507.7 6,605.5 — 6,605.5 Total $ 36,921.9 $ 1,608.5 $ 38,530.4 $ 29,471.5 $ 1,527.4 $ 30,998.9 (1) The following table presents selected components of the net investment in loans: Components of Net Investment (dollars in millions) March 31, December 31, 2020 2019 Unearned income $ (440.2 ) $ (430.0 ) Unamortized premiums / (discounts) (550.4 ) 30.0 Accretable yield on PCI loans — (745.4 ) Net unamortized deferred costs and (fees) (1) 49.7 50.9 (1 ) Certain of the following tables present credit-related information at the “class” level. A class is generally a disaggregation of a portfolio segment. In determining the classes, CIT considered the loan characteristics and methods it applies in monitoring and assessing credit risk and performance. Credit Quality Information Management monitors credit quality of commercial loans based upon risk rating consistent with bank regulatory guidance and consumer loans based upon LTV and FICO score. The following table summarizes commercial loans disaggregated by year of origination and by risk rating. The consumer loan LTV ratios and FICO scores by year of origination are also presented below. In accordance with CIT’s policy election not to measure an ACL for accrued interest, accrued interest receivable (within other assets) is separately reported from the loan’s amortized cost basis. Following the Company’s adoption of CECL, prior period risk rating disclosures were not conformed to current disclosure requirements and will continue to be reported under previously applicable accounting guidance. Commercial Loans — Risk Rating by Class (dollars in millions) Revolving Loans Converted Revolving to Term Loans Loans March 31, 2020 Term Loans Amortized Cost Basis by Origination Year Amortized Amortized 2015 & Cost Cost Grade 2020 2019 2018 2017 2016 Prior Basis Basis Total (1) Commercial Finance Pass $ 2,714.0 $ 3,256.1 $ 2,903.2 $ 1,080.7 $ 518.6 $ 1,350.1 $ 3,572.5 $ 98.2 $ 15,493.4 Special Mention 54.2 68.1 86.7 54.0 27.7 139.6 257.2 5.8 693.3 Classified-accrual 27.8 18.9 27.2 152.3 69.0 238.3 241.7 1.6 776.8 Classified-non-accrual — — 58.5 15.6 30.8 82.3 42.6 — 229.8 Total Commercial Finance 2,796.0 3,343.1 3,075.6 1,302.6 646.1 1,810.3 4,114.0 105.6 17,193.3 Real Estate Finance Pass 574.1 2,300.8 1,712.7 907.6 789.7 909.7 56.6 — 7,251.2 Special Mention — 109.0 59.0 167.6 26.4 49.0 — — 411.0 Classified-accrual — 3.2 9.0 28.6 3.6 8.8 — — 53.2 Classified-non-accrual — — 0.3 — — 1.2 — — 1.5 Total Real Estate Finance 574.1 2,413.0 1,781.0 1,103.8 819.7 968.7 56.6 - 7,716.9 Business Capital Pass 564.4 1,845.7 1,192.0 546.3 230.1 70.4 18.0 0.6 4,467.5 Special Mention 16.9 98.8 83.3 38.7 23.9 4.0 — — 265.6 Classified-accrual 8.9 87.2 83.4 46.6 20.5 6.4 — — 253.0 Classified-non-accrual 0.1 13.9 17.4 23.3 7.7 3.3 — — 65.7 Total Business Capital 590.3 2,045.6 1,376.1 654.9 282.2 84.1 18.0 0.6 5,051.8 Rail Pass — 0.9 — — 3.2 56.6 — — 60.7 Total Rail — 0.9 — — 3.2 56.6 — — 60.7 Commercial Banking Pass $ 3,852.5 $ 7,403.5 $ 5,807.9 $ 2,534.6 $ 1,541.6 $ 2,386.8 $ 3,647.1 $ 98.8 $ 27,272.8 Special Mention 71.1 275.9 229.0 260.3 78.0 192.6 257.2 5.8 1,369.9 Classified-accrual 36.7 109.3 119.6 227.5 93.1 253.5 241.7 1.6 1,083.0 Classified-non-accrual 0.1 13.9 76.2 38.9 38.5 86.8 42.6 — 297.0 Total Commercial Banking 3,960.4 7,802.6 6,232.7 3,061.3 1,751.2 2,919.7 4,188.6 106.2 30,022.7 Consumer Banking - Consumer and Community Banking (Primarily SBA Loans) Pass 50.4 202.3 118.5 90.7 62.9 90.8 10.0 — 625.6 Special Mention — 1.0 2.0 0.5 — 3.0 — — 6.5 Classified-accrual — 1.4 7.6 8.8 6.0 17.2 0.3 — 41.3 Classified-non-accrual — — — 0.2 — 0.5 — — 0.7 Total Consumer Banking 50.4 204.7 128.1 100.2 68.9 111.5 10.3 - 674.1 Total $ 4,010.8 $ 8,007.3 $ 6,360.8 $ 3,161.5 $ 1,820.1 $ 3,031.2 $ 4,198.9 $ 106.2 $ 30,696.8 (1) Commercial Loans — Risk Rating by Class (dollars in millions) Grade: Pass Special Mention Classified- accrual Classified- non-accrual PCI Loans (1) Total December 31, 2019 Commercial Banking Commercial Finance $ 12,601.1 $ 450.7 $ 614.3 $ 246.7 $ — $ 13,912.8 Real Estate Finance 5,007.0 341.0 6.3 0.4 27.8 5,382.5 Business Capital 4,527.5 233.1 217.0 60.9 — 5,038.5 Rail 59.6 — — — — 59.6 Total Commercial Banking 22,195.2 1,024.8 837.6 308.0 27.8 24,393.4 Consumer Banking Consumer and Community Banking - Primarily SBA Loans 589.6 2.4 33.9 0.2 — 626.1 Total Consumer Banking 589.6 2.4 33.9 0.2 — 626.1 Total $ 22,784.8 $ 1,027.2 $ 871.5 $ 308.2 $ 27.8 $ 25,019.5 (1) PCI Loans had $20.7 million of non-criticized loans and $7.1 million of criticized loans (special mention or classified). The following table provides a summary of the consumer loan LTV distribution and the covered loans held for investment balances for primarily single-family residential (“ SFR ”) mortgage loans . The average LTV was 61% and 63% for the t otal c onsumer l oans included below at March 31, 2020 and December 31, 2019 , respectively . Following the Company’s adoption of CECL, the comparative prior period financial information was not adjusted for the Consumer Loan LTV Distribution and will continue to be reported under previously applicable accounting guidance. Consumer Loan LTV Distribution (dollars in millions) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Revolving Loans Converted to Term Loans Amortized Cost LTV Range 2020 2019 2018 2017 2016 2015 & Prior Basis Basis Total (4) As of March 31, 2020 Legacy Consumer Mortgages Greater than 125% $ — $ — $ — $ — $ — $ 57.4 $ — $ 0.4 $ 57.8 101% – 125% — — — — — 94.3 — 1.1 95.4 80% – 100% — — — — — 303.4 — 4.7 308.1 Less than 80% — — — — — 1,553.4 — 26.9 1,580.3 Government-guaranteed (1) — — — — — 23.8 — — 23.8 No LTV available (2) — — — — — 3.8 — 23.2 27.0 Total Legacy Consumer Mortgages — — — — — 2,036.1 — 56.3 2,092.4 Consumer and Community Banking Greater than 125% — — — — — — 0.4 — 0.4 80% – 100% 15.2 68.5 26.5 3.3 0.3 1.7 3.0 — 118.5 Less than 80% 338.2 1,636.0 880.7 807.9 507.8 1,156.9 15.3 9.2 5,352.0 Government-guaranteed (1) 0.8 50.1 23.0 92.8 11.1 8.4 — — 186.2 No LTV available (2) 0.1 0.1 0.1 0.4 0.2 5.8 44.3 9.8 60.8 No LTV required (3) — 1.3 1.1 0.5 0.9 15.4 4.1 — 23.3 Total Consumer and Community Banking 354.3 1,756.0 931.4 904.9 520.3 1,188.2 67.1 19.0 5,741.2 Total Consumer Loans (4) $ 354.3 $ 1,756.0 $ 931.4 $ 904.9 $ 520.3 $ 3,224.3 $ 67.1 $ 75.3 $ 7,833.6 (1 ) (2) (3) (4) Consumer Loan LTV Distribution (dollars in millions) Covered Loans (2) Non-covered Loans Total Consumer LTV Range Non-PCI PCI Non-PCI PCI Loans December 31, 2019 Greater than 125% $ — $ 2.8 $ 5.2 $ 53.2 $ 61.2 101% – 125% — 8.5 6.6 93.0 108.1 80% – 100% 0.3 48.1 183.4 239.3 471.1 Less than 80% 307.5 234.3 4,225.5 570.6 5,337.9 Not Applicable (1) — — 1.1 — 1.1 Total $ 307.8 $ 293.7 $ 4,421.8 $ 956.1 $ 5,979.4 (1) (2) The SFR amounts represent the carrying value, which differ from unpaid principal balances, and include the unamortized premiums or discounts. Prior to March 31, 2020, certain consumer SFR loans are “covered loans” for which the Company can be reimbursed for a portion of certain future losses with indemnifications provided by the FDIC under LSAs. At December 31, 2019, the covered loans relate to the FDIC-assisted transactions of First Federal Bank of California in December 2009 (“First Federal Transaction”) and La Jolla Bank, FSB in February 2010 (“La Jolla Transaction”) with the indemnification period ending in December 2019 and February 2020, respectively. As of March 31, 2020, all of the LSAs have expired and there are no covered loans. The following table provides a summary of the FICO score distribution for consumer loans by origination year and revolving loans. The average FICO score was 752 and 751 for the total consumer loans included below at March 31, 2020 and December 31, 2019, respectively. Current FICO Score Distribution (dollars in millions) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Revolving Loans Converted to Term Loans Amortized Cost Current FICO Score 2020 2019 2018 2017 2016 2015 & Prior Basis Basis Total (4) As of March 31, 2020 Legacy Consumer Mortgages Greater than or equal to 730 $ — $ — $ — $ — $ — $ 784.6 $ — $ 24.3 $ 808.9 Greater than or equal to 660 and less than 730 — — — — — 639.5 — 18.4 657.9 Less than 660 — — — — — 538.3 — 13.0 551.3 Government-guaranteed (1) — — — — — 23.8 — - 23.8 No FICO score available (2) — — — — — 49.9 — 0.6 50.5 Total Legacy Consumer Mortgages — — — — — 2,036.1 — 56.3 2,092.4 Consumer and Community Banking Greater than or equal to 730 306.7 1,460.3 786.7 741.9 452.9 931.4 46.8 12.9 4,739.6 Greater than or equal to 660 and less than 730 45.7 229.5 105.7 59.3 45.9 151.1 12.6 3.7 653.5 Less than 660 1.0 13.7 13.6 8.4 8.0 60.7 4.4 2.3 112.1 Government-guaranteed (1) 0.8 50.1 23.0 92.8 11.1 8.4 — — 186.2 No FICO score available (2) — 1.5 1.4 2.0 1.5 21.4 2.2 0.1 30.1 FICO score not required (3) 0.1 0.9 1.0 0.5 0.9 15.2 1.1 — 19.7 Total Consumer and Community Banking 354.3 1,756.0 931.4 904.9 520.3 1,188.2 67.1 19.0 5,741.2 Total Consumer Loans (4) $ 354.3 $ 1,756.0 $ 931.4 $ 904.9 $ 520.3 $ 3,224.3 $ 67.1 $ 75.3 $ 7,833.6 (1) (2) (3) (4) Current FICO Score Distribution (dollars in millions) Covered Loans (3) Non-covered Loans Total Consumer FICO Range Non-PCI PCI Non-PCI PCI Loans December 31, 2019 Legacy Consumer Mortgages Greater than or equal to 730 $ 202.2 $ 98.6 $ 320.0 $ 252.5 $ 873.3 Greater than or equal to 660 and less than 730 71.3 98.8 123.2 324.7 618.0 Less than 660 16.8 89.8 51.0 370.5 528.1 Government-guaranteed (1) — — 24.5 — 24.5 No FICO score available (2) 17.5 6.5 5.2 8.4 37.6 Total Legacy Consumer Mortgages 307.8 293.7 523.9 956.1 2,081.5 Consumer and Community Banking Greater than or equal to 730 — — 3,319.0 — 3,319.0 Greater than or equal to 660 and less than 730 — — 332.6 — 332.6 Less than 660 — — 29.6 — 29.6 Government-guaranteed (1) — — 193.8 — 193.8 No FICO score available — — 21.8 — 21.8 FICO score not required (2) — — 1.1 — 1.1 Total Consumer and Community Banking — — 3,897.9 — 3,897.9 Total Consumer Banking $ 307.8 $ 293.7 $ 4,421.8 $ 956.1 $ 5,979.4 (1) (2) (3) As of March 31, 2020 and December 31, 2019, there was no remaining amount of negative amortization contractually permitted on consumer loans with terms that permitted negative amortization. Past Due and Non-accrual Loans— For additional information on reporting of past due and non-accrual loans, see discussion of the CARES Act and Interagency Statement in Note 1 – Business and Summary of Significant Accounting Policies The table that follows presents portfolio delinquency status, regardless of accrual/non-accrual classification: Loans - Delinquency Status (dollars in millions) Past Due Total 30-59 60-89 90 or more Past Due Current PCI Loans (1) Total (2) March 31, 2020 Commercial Banking Commercial Finance $ 70.7 $ 1.8 $ 60.9 $ 133.4 $ 17,059.9 $ — $ 17,193.3 Real Estate Finance 21.0 1.5 0.9 23.4 7,693.5 — 7,716.9 Business Capital 129.3 34.1 25.2 188.6 4,863.2 — 5,051.8 Rail — — — — 60.7 — 60.7 Total Commercial Banking 221.0 37.4 87.0 345.4 29,677.3 — 30,022.7 Consumer Banking Legacy Consumer Mortgages 120.1 25.2 59.7 205.0 1,887.4 — 2,092.4 Consumer and Community Banking 42.3 5.6 10.3 58.2 6,357.1 — 6,415.3 Total Consumer Banking 162.4 30.8 70.0 263.2 8,244.5 — 8,507.7 Total $ 383.4 $ 68.2 $ 157.0 $ 608.6 $ 37,921.8 $ — $ 38,530.4 December 31, 2019 Commercial Banking Commercial Finance $ 58.7 $ 27.8 $ 49.0 $ 135.5 $ 13,777.3 $ — $ 13,912.8 Real Estate Finance 0.6 46.6 — 47.2 5,307.5 27.8 5,382.5 Business Capital 113.8 35.0 22.0 170.8 4,867.7 — 5,038.5 Rail — — — — 59.6 — 59.6 Total Commercial Banking 173.1 109.4 71.0 353.5 24,012.1 27.8 24,393.4 Consumer Banking Legacy Consumer Mortgages 15.5 3.3 17.7 36.5 795.2 1,249.8 2,081.5 Consumer and Community Banking 16.4 3.3 7.6 27.3 4,496.7 — 4,524.0 Total Consumer Banking 31.9 6.6 25.3 63.8 5,291.9 1,249.8 6,605.5 Total $ 205.0 $ 116.0 $ 96.3 $ 417.3 $ 29,304.0 $ 1,277.6 $ 30,998.9 (1) (2) The following table sets forth non-accrual loans, assets received in satisfaction of loans (OREO and repossessed assets) and loans 90 days or more past due and still accruing. Loans on Non-Accrual Status (dollars in millions) (2)(3 ) December 31, 2019 Legacy CIT ( 6 ) MOB Acquisition January 1, 2020 March 31, 2020 With No Allowance Recorded (4) Commercial Banking Commercial Finance (1) $ 246.7 $ — $ 61.1 $ 307.8 $ 229.8 $ 35.1 Business Capital 60.9 — — 60.9 65.7 4.4 Real Estate Finance 0.4 0.6 — 1.0 1.5 — Total Commercial Banking 308.0 0.6 61.1 369.7 297.0 39.5 Consumer Banking Consumer and Community Banking 4.0 — 7.2 11.2 7.0 2.1 Legacy Consumer Mortgages (5) 14.3 81.6 — 95.9 77.8 10.4 Total Consumer Banking 18.3 81.6 7.2 107.1 84.8 12.5 Total $ 326.3 $ 82.2 $ 68.3 $ 476.8 $ 381.8 $ 52.0 Repossessed assets and OREO 20.1 20.6 Total non-performing assets $ 346.4 $ 402.4 Commercial loans past due 90 days or more accruing 25.6 7.4 Consumer loans past due 90 days or more accruing 11.3 11.5 Total accruing loans past due 90 days or more $ 36.9 $ 18.9 (1) (2) (3) (4) (5) (6) egacy CIT is before the MOB Acquisition, detail of which is separately disclosed. Payments received on non-accrual loans are generally applied first against outstanding principal, though in certain instances where the remaining recorded investment is deemed fully collectible, interest income is recognized on a cash basis. Loans are in the process of foreclosure when repayment is expected to be provided substantially through the sale of the underlying real estate and the borrower is experiencing financial difficulty. The table below summarizes the residential mortgage loans in the process of foreclosure. In March 2020, CIT has suspended residential property foreclosures and evictions for at least 60 days to single family homeowners due to the coronavirus national emergency to align with government agency guidance. Loans in Process of Foreclosure (dollars in millions) March 31, December 31, 2020 2019 Loans in process of foreclosure (1) $ 27.3 $ 38.9 (1) Impaired Loans The following table contains prior period information about impaired loans and the related allowance for loan losses by class, pre-adoption of CECL. CECL did not carry forward the concept of impaired loans, therefore only the prior period is presented. PCI loans, which were excluded from impaired loan balances, included loans that were identified as impaired at the date of the OneWest Transaction (the “Acquisition Date”) for which the Company is applying the income recognition and disclosure guidance in ASC 310-30 ( Loans and Debt Securities Acquired with Deteriorated Credit Quality Loans Acquired with Deteriorated Credit Quality Impaired Loans (dollars in millions) Average Recorded Investment December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Year Ended December 31, 2019 (2) With no related allowance recorded: Commercial Banking Commercial Finance $ 46.5 $ 69.0 $ — $ 68.0 Business Capital 4.8 5.5 — 6.0 Real Estate Finance — — — 1.6 Consumer Banking Consumer and Community Banking 4.0 4.0 — 4.9 Legacy Consumer Mortgages 20.6 22.4 — 24.7 With an allowance recorded: Commercial Banking Commercial Finance 223.9 267.3 86.0 166.6 Business Capital 19.4 19.4 10.0 11.6 Real Estate Finance — — — 0.8 Consumer Banking Consumer and Community Banking 0.1 0.2 — — Legacy Consumer Mortgages 1.4 1.4 0.2 0.4 Total Impaired Loans (1) 320.7 389.2 96.2 284.6 Total Loans Impaired at Acquisition Date 1,277.6 1,936.1 17.4 1,504.4 Total $ 1,598.3 $ 2,325.3 $ 113.6 $ 1,789.0 (1) ( 2 ) Loans Acquired with Deteriorated Credit Quality Effective with the adoption of CECL, PCD loans are recorded at an initial amortized cost comprised of the sum of 1) the purchase price and 2) the estimate of credit losses which is recorded in the ACL. Subsequent to the initial recognition, PCD loans are accounted for under the same methodology as non-PCD loans. The following table provides a reconciliation of the purchase price and the unpaid principal balance / contractual cash flows owed to CIT as of the acquisition date for loans acquired during the respective period. For the quarter ended March 31, 2020, the PCD loans acquired related to the MOB Transaction. PCD Loans during the quarter ended March 31, 2020 (dollars in millions) Commercial Banking Consumer Banking Total Par Value (UPB) $ 347.8 $ 58.4 $ 406.2 Allowance for Credit Losses (1) (56.1 ) (2.7 ) (58.8 ) (Discount) Premium (9.0 ) 2.4 (6.6 ) Purchase Price $ 282.7 $ 58.1 $ 340.8 (1) Pre-adoption of CECL, the Company applied the income recognition and disclosure guidance in ASC 310-30 to loans that were identified as PCI as of the Acquisition Date. PCI loans were initially recorded at estimated fair value with no allowance for loan losses carried over, since the initial fair values reflected credit losses expected to be incurred over the remaining lives of the loans. The acquired loans are subject to the Company’s internal credit review. See Note 4 — Allowance for Credit Losses. PCI Loans (dollars in millions) December 31, 2019 Carrying Value Unpaid Principal Balance Allowance for Loan Losses Commercial Banking Real Estate Finance $ 27.8 $ 30.4 $ 9.8 Consumer Banking Legacy Consumer Mortgages 1,249.8 1,905.7 7.6 $ 1,277.6 $ 1,936.1 $ 17.4 Accretable Yield See the Company’s 2019 Form 10-K, Note 1 — Business and Summary of Significant Accounting Policies presented for PCI loans. Due to CECL, PCI accounting was eliminated and superseded by PCD guidance . Change in Accretable Yield (dollars in millions) Quarter Ended March 31, 2019 Balance, beginning of period $ 903.8 Accretion into interest income (40.7 ) Reclassification from non-accretable difference 2.4 Disposals and Other (1.9 ) Balance, end of period $ 863.6 Troubled Debt Restructuring The Company periodically modifies the terms of loans in response to borrowers’ difficulties. Modifications that include a financial concession to the borrower are accounted for as TDRs. A restructuring of a debt constitutes a TDR for purposes of ASC 310-40 when CIT, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. A concession may be either by agreement between CIT and the debtor or imposed by law or a court of law. See the Company's 2019 Form 10-K for discussion of policies on TDRs. The Interagency Statement offers some practical expedients for evaluating whether loan modifications that occur in response to the COVID-19 pandemic are TDRs. It indicates that a lender can conclude that a borrower is not experiencing financial difficulty if either (1) short-term (e.g., six months or less) modifications are made in response to the COVID-19 pandemic, such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant related to loans in which the borrower is less than 30 days past due on its contractual payments at the time a modification program is implemented, or (2) the modification or deferral program is mandated by the federal government or a state government (e.g., a state program that requires all institutions within that state to suspend mortgage payments for a specified period). Accordingly, any loan modification made in response to the COVID-19 pandemic that meets either of these practical expedients would not be considered a TDR because the borrower is not experiencing financial difficulty. Modified loans that meet the definition of a TDR are subject to the Company's individually reviewed loans policy. The following table presents recorded investment of TDRs, excluding those within a trial modification period of $1.5 million at March 31, 2020 and $5.5 million at December 31, 2019, and those previously classified as PCI at December 31, 2019: TDRs (dollars in millions) March 31, 2020 December 31, 2019 Recorded Investment % Total TDR Recorded Investment % Total TDR Commercial Banking $ 123.1 86 % $ 129.5 87 % Consumer Banking 19.6 14 % 19.3 13 % Total $ 142.7 100 % $ 148.8 100 % Percent non-accrual 72 % 71 % Modifications (dollars in millions) Quarters Ended March 31, 2020 2019 Recorded investment related to modifications qualifying as TDRs that occurred during the quarters $ 51.4 $ 10.0 Recorded investment at the time of default of TDRs that experienced a payment default (payment default is one missed payment) during the quarters and for which the payment default occurred within one year of the modification $ 0.7 $ 0.8 There were $18.2 million and $23.6 million as of March 31, 2020 and December 31, 2019, respectively, of commitments to lend additional funds to borrowers whose loan terms have been modified in TDRs. The financial impact of the various modification strategies that the Company employs in response to borrower difficulties is presented below. Although the focus is on the March 31, 2020 amounts, the overall nature and impact of modification programs were comparable in the prior year period. Modifications qualifying as TDRs based upon recorded investment at March 31, 2020 were comprised of payment deferrals (49%) and covenant relief and/or other (51%). At December 31, 2019, TDR recorded investment was comprised of payment deferrals (52%) and covenant relief and/or other (48%). ▪ Payment deferrals result in lower net present value of cash flows, if not accompanied by additional interest or fees, and increased provision for credit losses to the extent applicable. The financial impact of these modifications is not significant given the moderate length of deferral periods. ▪ Interest rate reductions result in lower amounts of interest being charged to the customer, but are a relatively small part of the Company’s restructuring programs. The weighted average change in interest rates for all TDRs occurring during the quarters ended March 31, 2020 and 2019 was not significant. ▪ Debt forgiveness, or the reduction in amount owed by borrower, results in incremental provision for credit losses, in the form of higher charge-offs. While these types of modifications have the greatest individual impact on the allowance, the amounts of principal forgiveness for TDRs occurring during quarters ended March 31, 2020 and 2019 was not significant, as debt forgiveness is a relatively small component of the Company’s modification programs. ▪ The other elements of the Company’s modification programs that are not TDRs do not have a significant impact on financial results given their relative size, or do not have a direct financial impact, as in the case of covenant changes.

Allowance For Credit Losses

Allowance For Credit Losses	3 Months Ended
	Mar. 31, 2020
Credit Loss [Abstract]
ALLOWANCE FOR CREDIT LOSSES	NOTE 4 — ALLOWANCE FOR CREDIT LOSSES As described in Note 1 – Business and Summary of Significant Accounting Policies Allowance for Credit Losses and Recorded Investment in Loans (dollars in millions) Commercial Banking Consumer Banking Total Commercial Banking Consumer Banking Total Quarter Ended March 31, 2020 Quarter Ended March 31, 2019 Balance - beginning of period $ 460.4 $ 22.2 $ 482.6 $ 460.2 $ 29.5 $ 489.7 Legacy CIT (1) 74.7 148.9 223.6 - - - Provision for credit losses (3) 508.9 5.0 513.9 35.1 (2.1 ) 33.0 The initial ACL recognized on PCD assets (2) 18.8 1.4 20.2 - - - Other ( 4 ) (73.4 ) (2.2 ) (75.6 ) (1.3 ) (0.3 ) (1.6 ) Gross charge-offs ( 2 ) (60.8 ) (2.2 ) (63.0 ) (38.9 ) (0.7 ) (39.6 ) Recoveries 9.0 0.4 9.4 5.7 0.3 6.0 Balance - end of period $ 937.6 $ 173.5 $ 1,111.1 $ 460.8 $ 26.7 $ 487.5 Commercial Banking Consumer Banking Total Allowance Balance at December 31, 2019 Loans individually evaluated for impairment $ 96.0 $ 0.2 $ 96.2 Loans collectively evaluated for impairment 354.6 14.4 369.0 Loans acquired with deteriorated credit quality ( 5 ) 9.8 7.6 17.4 Allowance for credit losses $ 460.4 $ 22.2 $ 482.6 Other reserves (1) $ 36.4 $ 0.7 $ 37.1 Loans at December 31, 2019 Loans individually evaluated for impairment $ 294.6 $ 26.1 $ 320.7 Loans collectively evaluated for impairment 24,071.0 5,329.6 29,400.6 Loans acquired with deteriorated credit quality ( 5 ) 27.8 1,249.8 1,277.6 Ending balance $ 24,393.4 $ 6,605.5 $ 30,998.9 Percent of loans to total loans 78.7 % 21.3 % 100.0 % (1) (2) (3) (4) (5) The Provision for credit losses was $513.9 million, compared to $33.0 million in the prior year quarter. The significant increase in the provision for credit losses primarily reflects the impact of the COVID-19 pandemic and the ensuing adverse impact on the macroeconomic environment across our portfolio under the CECL standard and the impact of the MOB Acquisition.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
LEASES	NOTE 5 — LEASES Lessee CIT leases primarily include office space and bank branches; and substantially all of our lease liabilities relate to United States real estate leases under operating lease arrangements. Our lessee finance leases are not significant. Our real estate leases have remaining lease terms of up to 15 years. Our lease terms may include options to extend or terminate the lease. The options are included in the lease term when it is determined that it is reasonably certain the option will be exercised. The following tables present supplemental balance sheet and cash flow information related to operating leases. ROU assets are included in Other assets and lease liabilities are included in Other liabilities. Supplemental Lease Balance Sheet Information (dollars in millions) March 31, December 31, 2020 2019 ROU assets $ 232.4 $ 194.9 Lease liabilities 280.6 242.6 Supplemental Cash Flow Information (dollars in millions): Quarters Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities $ 13.9 $ 10.2 ROU assets obtained in exchange for new lease liabilities 5.6 - Lessor The Company leases equipment to commercial end-users under operating lease and finance lease arrangements. The majority of operating lease equipment is long-lived rail equipment which is typically leased several times over the equipment’s life. We also lease technology and office equipment and large and small industrial, medical, and transportation equipment under both operating leases and finance leases. Our Rail operating leases typically do not include purchase options. Many of our finance leases, and other equipment operating leases, offer the lessee the option to purchase the equipment at fair market value or for a nominal fixed purchase option; and many of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond initial contractual term. Our leases typically do not include early termination options; and continued rent payments are due if leased equipment is not returned at the end of the lease. The table that follows presents lease income related to the Company’s operating and finance leases: Lease Income (dollars in millions) Quarters Ended March 31, 2020 2019 Lease income – Operating leases $ 197.8 $ 203.3 Variable lease income – Operating leases (1) 12.0 14.4 Rental income on operating leases 209.8 217.7 Interest income - Sales type and direct financing leases 43.7 49.2 Variable lease income included in Other non-interest income (2) 10.9 11.5 Leveraged lease income 2.6 1.9 Total lease income $ 267.0 $ 280.3 (1) (2)

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
INVESTMENT SECURITIES	NOTE 6 — INVESTMENT SECURITIES Investment securities include debt and equity securities. Note 1 — Business and Summary of Significant Accounting Policies Carrying Value of Investment Securities (dollars in millions) March 31, December 31, 2020 2019 Available-for-sale Securities Debt securities $ 5,854.7 $ 6,011.8 Securities carried at fair value with changes in net income Equity securities - 47.2 Non-marketable securities (1) 273.9 217.8 Total investment securities $ 6,128.6 $ 6,276.8 (1 ) Non-marketable investments include restricted stock of the FRB and FHLB carried at cost of $240.1 million and $187.9 million at March 31, 2020 and December 31, 2019, respectively. The remaining non-marketable investments without readily determinable fair values measured under the measurement exception totaled $33.8 million and $29.9 million at March 31, 2020 and December 31, 2019, respectively. Realized gains on AFS securities totaled $12.5 million and $1.1 million for the quarters ended March 31, 2020 and 2019, respectively, and exclude losses from impairment. The Company had $3.5 billion and $1.7 billion of interest-bearing cash at banks at March 31, 2020 and December 31, 2019, respectively, which are cash and cash equivalents and are classified separately on the balance sheet. The following table presents interest and dividends on investments and interest-bearing cash. Interest and Dividend Income (dollars in millions) Quarters Ended March 31, 2020 2019 Interest income - debt securities (1) $ 39.2 $ 48.0 Interest income - interest-bearing cash 5.6 14.5 Dividends - equity securities 1.2 2.7 Total interest and dividends $ 46.0 $ 65.2 (1) Includes interest income on securities purchased under agreement to resell. The following table presents amortized cost and fair value of securities AFS. Amortized Cost and Fair Value (dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2020 Debt securities AFS Mortgage-backed securities U.S. government/sponsored agency – Residential $ 4,259.0 $ 135.2 $ (2.2 ) $ 4,392.0 U.S. government/sponsored agency – Commercial 1,119.5 37.7 (0.6 ) 1,156.6 U.S. government/sponsored agency obligations 228.5 0.8 — 229.3 U.S. Treasury securities 9.3 — — 9.3 Agency asset-backed securities 1.8 — — 1.8 Corporate bonds – foreign (1) 65.9 — (0.2 ) 65.7 Total debt securities AFS $ 5,684.0 $ 173.7 $ (3.0 ) $ 5,854.7 December 31, 2019 Debt securities AFS Mortgage-backed securities U.S. government/sponsored agency – Residential $ 4,766.4 $ 24.1 $ (16.7 ) $ 4,773.8 U.S. government/sponsored agency – Commercial 554.5 12.1 (1.8 ) 564.8 U.S. government/sponsored agency obligations 449.4 — (5.4 ) 444.0 U.S. Treasury securities 11.2 0.1 — 11.3 Supranational securities 149.8 — — 149.8 State & municipal bonds 1.0 — — 1.0 Corporate bonds - foreign 65.9 1.2 — 67.1 Total debt securities AFS $ 5,998.2 $ 37.5 $ (23.9 ) $ 6,011.8 (1 ) There was an immaterial amount of ACL under CECL as of March 31, 2020. The following table presents the debt securities AFS by contractual maturity dates. Maturities - (dollars in millions) March 31, 2020 Amortized Cost Fair Value Weighted Average Yield Mortgage-backed securities — U.S. government/sponsored agency – Residential After 5 through 10 years $ 9.7 $ 10.2 2.67 % Due after 10 years 4,249.3 4,381.8 2.60 % Total 4,259.0 4,392.0 2.60 % Mortgage-backed securities — U.S. government/sponsored agency – Commercial After 1 through 5 years 17.0 17.4 2.95 % After 5 through 10 years 362.3 388.6 2.81 % Due after 10 years 740.2 750.6 2.30 % Total 1,119.5 1,156.6 2.48 % U.S. government/sponsored agency obligations After 5 through 10 years 118.2 118.8 2.69 % Due after 10 years 110.3 110.5 2.78 % Total 228.5 229.3 2.73 % U.S. Treasury securities Due in 1 year or less 4.3 4.3 2.48 % After 1 through 5 years 5.0 5.0 0.53 % Total 9.3 9.3 1.44 % Agency asset-backed securities Due after 10 years 1.8 1.8 2.24 % Total 1.8 1.8 2.24 % Corporate bonds — foreign Due in 1 year or less 65.9 65.7 6.09 % Total 65.9 65.7 6.09 % Total debt securities AFS $ 5,684.0 $ 5,854.7 2.62 % At March 31, 2020 and December 31, 2019, certain securities AFS were in unrealized loss positions. The following table summarizes by investment category the gross unrealized losses, respective fair value and length of time that those securities have been in a continuous unrealized loss position. Gross Unrealized Loss (dollars in millions) March 31, 2020 Less than 12 months 12 months or greater Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Debt securities AFS Mortgage-backed securities U.S. government/sponsored agency - Residential $ 195.8 $ (1.4 ) $ 37.2 $ (0.8 ) U.S. government/sponsored agency - Commercial 175.4 (0.6 ) — — Corporate bonds - foreign (1) 65.7 (0.2 ) — — Total debt securities AFS $ 436.9 $ (2.2 ) $ 37.2 $ (0.8 ) December 31, 2019 Less than 12 months 12 months or greater Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Debt securities AFS Mortgage-backed securities U.S. government/sponsored agency - Residential $ 1,396.5 $ (4.6 ) $ 861.3 $ (12.1 ) U.S. government/sponsored agency - Commercial 282.7 (1.7 ) 17.6 (0.1 ) U.S. government/sponsored agency obligations 398.9 (5.4 ) — — Total debt securities AFS $ 2,078.1 $ (11.7 ) $ 878.9 $ (12.2 ) (1 ) There was an immaterial amount of credit-related unrealized loss recorded in earnings for the quarter ended March 31, 2020. Securities Carried at Fair Value with Changes Recorded in Net Income As of March 31, 2020, equity securities were carried at a fair value of $0.0 million with an amortized cost of $0.4 million and unrealized losses were $0.4 million. As of December 31, 2019, the fair value and amortized cost of equity securities were $47.2 million and $48.2 million, respectively, and unrealized losses were $1.0 million. Impairmen t of Investment Securities There were There were no adjustments related to impairment for securities without readily determinable fair values measured under the measurement exception. There were immaterial unrealized losses on non-marketable investments. Pledged Securities Securities with a carrying value of $3,167.0 million were pledged as of March 31, 2020 to secure public funds, securities sold under agreements to repurchase, FHLB financing availability, and derivative contracts and for other purposes as required or permitted by law. Securities with a carrying value of $50.4 million were pledged as of December 31, 2019 to secure FHLB financing availability.

Deposits

Deposits	3 Months Ended
	Mar. 31, 2020
Deposits [Abstract]
DEPOSITS	NOTE 7 — DEPOSITS The following table provides detail on deposit types. The increase in the deposit balance from the prior period reflects the MOB Acquisition, as described in Note 2 – Acquisition and Discontinued Operations Deposits — Deposit types (dollars in millions) March 31, December 31, 2020 2019 Interest-bearing $ 39,372.3 $ 33,546.4 Non-interest bearing 2,789.8 1,593.1 Total deposits $ 42,162.1 $ 35,139.5 The following table presents the maturities of time deposits. Deposits —Maturities (dollars in millions) March 31, Time deposits, remaining contractual maturity: 2020 Within one year $ 9,011.2 One to two years 1,889.5 Two to three years 394.5 Three to four years 456.3 Four to five years 561.9 Over five years 117.4 Total Time deposits $ 12,430.8 The following table presents the maturity profile of time deposits with a denomination of $100,000 or more. Time Deposits $100,000 or More (dollars in millions) March 31, 2020 Time Deposits: Three months or less $ 1,626.8 After three months through six months 1,821.8 After six months through twelve months 3,420.8 After twelve months 2,967.0 Total $ 9,836.4 The Company also had aggregate time deposits of $2,612.4 million and $4,705.6 million in denominations of more than $250,000 at March 31, 2020 and December 31, 2019, respectively.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 8 — VARIABLE INTEREST ENTITIES Variable Interest Entities (“VIE”) Described below are the results of the Company’s assessment of its variable interests in order to determine its current status with regard to being the VIE primary beneficiary (“PB”). See Note 1 — Business and Summary of Significant Accounting Policies Consolidated VIEs At March 31, 2020 and December 31, 2019, there were no consolidated VIEs. Unconsolidated VIEs Unconsolidated VIEs include agency and non-agency securitization structures, limited partnership interests and joint ventures where the Company’s involvement is limited to an investor interest and the Company does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance or obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The table below presents potential losses that would be incurred under hypothetical circumstances, such that the value of its interests and any associated collateral declines to zero and assuming no recovery or offset from any economic hedges. The Company believes the possibility is remote under this hypothetical scenario; accordingly, this required disclosure is not an indication of expected loss. Unconsolidated VIEs (dollars in millions) March 31, 2020 December 31, 2019 Securities Partnership Investment Securities Partnership Investment Agency securities $ 5,550.4 $ — $ 5,338.6 $ — Tax credit equity investments — 287.3 — 277.1 Equity investments — 102.9 — 84.0 Total Assets $ 5,550.4 $ 390.2 $ 5,338.6 $ 361.1 Commitments to tax credit investments (1) $ — $ 119.1 $ — $ 120.1 Total Liabilities $ — $ 119.1 $ — $ 120.1 Maximum loss exposure (2) $ 5,550.4 $ 390.2 $ 5,338.6 $ 361.1 (1) (2)

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
BORROWINGS	NOTE 9 — BORROWINGS The following table presents the carrying value of outstanding borrowings. Borrowings (dollars in millions) March 31, 2020 December 31, 2019 CIT Group Inc. Subsidiaries Total Total Senior unsecured $ 3,428.4 $ 547.1 $ 3,975.5 $ 3,967.9 Subordinated debt 494.5 — 494.5 494.4 Secured borrowings: FHLB advances — 3,050.0 3,050.0 1,650.0 Other secured and structured financings — 561.3 561.3 361.1 Securities sold under agreement to repurchase — 13.0 13.0 — Total borrowings $ 3,922.9 $ 4,171.4 $ 8,094.3 $ 6,473.4 Unsecured Borrowings Revolving Credit Facility The Revolving Credit Facility had a total commitment amount of $300 million at March 31, 2020, which was reduced from a total commitment amount of $400 million at December 31, 2019. The applicable margin charged under the facility is 1.75% for LIBOR Rate loans and 0.75% for Base Rate loans. The facility was amended to extend the final maturity date of the lenders’ commitments from March 1, 2021 to November 1, 2021, reduce the Tier 1 capital ratio requirement and lower the applicable margin. The Revolving Credit Facility includes a covenant that requires that the Company maintain a minimum Tier 1 capital ratio of 8.5% . At March 31, 2020 , the Revolving Credit Facility was unsecured and was guaranteed by three of the Company’s domestic operating subsidiaries. In addition, the applicable required minimum guarantor asset coverage ratio range s from 1.0:1.0 to 1.5:1.0 based on CIT’s credit ratings and was 1.25:1.00 at March 31, 2020 . The Revolving Senior Unsecured Notes and Subordinated Unsecured Notes The principal amounts and maturity dates of the senior unsecured notes and subordinated unsecured notes remained unchanged from December 31, 2019. See Note 10 – Borrowings Secured Borrowings At March 31, 2020, the Company had pledged $15.8 billion of assets to several financing facilities (including collateral for the FRB discount window that is currently not drawn) FHLB Advances As of March 31, 2020, the Company had $8,758.5 million $5,708.5 million Included in the financing availability, was $2,879.5 million related to High Quality Liquid Securities of $3,006.3 million s. $3,050.0 million $10,314.3 million $1,650.0 million $6,987.6 million FHLB Balances (dollars in millions) December 31, March 31, 2020 2019 Lending Assets High Quality Liquid Securities Total Total Total borrowing capacity $ 5,879.0 $ 2,879.5 $ 8,758.5 $ 6,350.5 Less: Advances (3,050.0 ) — (3,050.0 ) (1,650.0 ) Available capacity $ 2,829.0 $ 2,879.5 $ 5,708.5 $ 4,700.5 Pledged assets (1) $ 7,308.0 $ 3,006.3 $ 10,314.3 $ 6,987.6 Weighted Average Rate 1.03 % 2.04 % (1) Other Secured and Structured Financings Other secured (other than FHLB) and structured financings of CIT-owned subsidiaries totaled $561.3 million and $361.1 million at March 31, 2020 and December 31, 2019, respectively. Pledged assets related to these borrowings totaled $2,388.5 million $2,205.9 million FRB There were no outstanding borrowings with the FRB Discount Window at March 31, 2020 and December 31, 2019.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE 10 — DERIVATIVE FINANCIAL INSTRUMENTS See Note 1 — Business and Summary of Significant Accounting Policies The following table presents notional amount and fair value of derivative financial instruments on a gross basis. Notional Amount and Fair Value of Derivative Financial Instruments (dollars in millions) March 31, 2020 December 31, 2019 Notional Amount Asset Fair Value Liability Fair Value Notional Amount Asset Fair Value Liability Fair Value Derivatives designated as hedging instruments (Qualifying hedges) Foreign exchange contracts $ 39.6 $ 0.7 $ - $ 676.3 $ - $ (10.6 ) Interest rate contracts (1)(3) 500.0 - - 1,250.0 - - Total derivatives designated as hedging instruments 539.6 0.7 - 1,926.3 - (10.6 ) Derivatives not designated as hedging instruments (Non-qualifying hedges) Interest rate contracts (1)(3) 19,740.1 524.8 (80.1 ) 17,588.1 176.9 (14.5 ) Foreign exchange contracts 524.4 20.2 (12.4 ) 982.9 13.7 (6.1 ) Other contracts (2) 785.4 0.8 (2.6 ) 714.7 0.1 (0.8 ) Total derivatives not designated as hedging instruments 21,049.9 545.8 (95.1 ) 19,285.7 190.7 (21.4 ) Gross derivatives fair values presented in the Consolidated Balance Sheets $ 21,589.5 $ 546.5 $ (95.1 ) $ 21,212.0 $ 190.7 $ (32.0 ) Less: Gross amounts offset in the Consolidated Balance Sheets - - - - Net amount presented in the Consolidated Balance Sheet 546.5 (95.1 ) 190.7 (32.0 ) Less: Amounts subject to master netting agreements (4) (17.2 ) 17.2 (11.8 ) 11.8 Less: Cash collateral pledged(received) subject to master netting agreements (5) (2.2 ) 47.5 (1.2 ) 14.3 Total net derivative fair value $ 527.1 $ (30.4 ) $ 177.7 $ (5.9 ) (1) (2) (3) (4) (5) Qualifying Hedges CIT enters into interest rate swap agreements to manage interest rate exposure on its fixed-rate borrowings. The agreements that qualify for hedge accounting are designated as fair value hedges. The following table represents gains (losses) of fair value hedges recognized as interest expense on the condensed consolidated statements of income. Gains (Losses) on Qualifying Hedges (dollars in millions) Quarters Ended March 31, 2020 2019 Recognized on derivatives $ 6.1 $ 1.0 Recognized on hedged item (6.1 ) (1.0 ) Net recognized on fair value hedges (No ineffectiveness) $ - $ - The following table presents the carrying value of hedged items and associated cumulative hedging adjustment relating for fair value hedges. Cumulative Fair Value Hedging Adjustments (dollars in millions) Cumulative Fair Value Hedging Adjustment Included in the Carrying Value of Hedged Items Carrying Value of Hedged Items (1) Currently Designated No Longer Designated March 31, 2020 Long-term Debt $ 1,752.1 $ 6.9 $ 2.6 December 31, 2019 Long-term Debt $ 1,747.0 $ 2.1 $ 1.5 (1) The following table presents the pre-tax net gains (losses) recorded in the condensed consolidated statements of income and in the consolidated statements of comprehensive income relating to derivatives designated as net investment hedges: Pre-tax Net Gains (Losses) Relating to Derivatives Designated as Net Investment Hedges (dollars in millions) Amounts Amounts recorded in Other reclassified from Comprehensive Total change in AOCI to income Income AOCI for period Contract Type Quarter Ended March 31, 2020 Foreign currency forward contracts - net investment hedges $ - $ 1.1 $ 1.1 Quarter Ended March 31, 2019 Foreign currency forward contracts - net investment hedges $ - $ (13.3 ) $ (13.3 ) Non-Qualifying Hedges The following table presents gains (losses) of non-qualifying hedges recognized as other non-interest income on the condensed consolidated statements of income: Gains (Losses) on Non-Qualifying Hedges (dollars in millions) Quarters Ended March 31, 2020 2019 Interest rate contracts $ - $ 0.1 Foreign currency forward contracts 10.9 13.3 Other contracts (2.4 ) 0.1 Total non-qualifying hedges - income statement impact $ 8.5 $ 13.5

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value	NOTE 11 — FAIR VALUE Fair Value Hierarchy The Company measures certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels. See Note 1 — Business and Summary of Significant Accounting Policies The Company considered the impact of the COVID-19 pandemic on the markets related to the Company’s assets and liabilities for the purpose of fair value measurement. The Company observed increased volatility in those markets with significant effects on market prices and interest rates, in addition to significant decreases in the level of activity in the markets for its assets and liabilities. However, the Company did not identify persuasive evidence to conclude that the markets were not orderly. As a result, the fair value of the Company’s assets and liabilities were measured based on market conditions that existed as of March 31, 2020. Disclosures that follow in this note exclude assets and liabilities classified as discontinued operations. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the Company’s assets and liabilities measured at estimated fair value on a recurring basis. Assets and Liabilities Measured at Fair Value on a Recurring Basis (dollars in millions) Total Level 1 Level 2 Level 3 March 31, 2020 Assets Residential MBS – U.S. government/sponsored agency $ 4,392.0 $ — $ 4,392.0 $ — U.S. treasury securities 9.3 — 9.3 — Other securities 1,453.4 — 1,387.7 65.7 Total debt securities AFS 5,854.7 — 5,789.0 65.7 Interest rate contracts — non-qualifying hedges 524.8 — 524.1 0.7 Other derivative — non-qualifying hedges 21.0 — 20.2 0.8 Total derivative assets at fair value — non-qualifying hedges (1) 545.8 — 544.3 1.5 Foreign currency forward contracts — net investment qualifying hedges 0.7 — 0.7 — Total Derivative assets at fair value — qualifying hedges (1) 0.7 — 0.7 — Total $ 6,401.2 $ — $ 6,334.0 $ 67.2 Liabilities Interest rate contracts — non-qualifying hedges $ (80.1 ) $ — $ (80.1 ) $ — Other derivative— non-qualifying hedges (15.0 ) — (12.4 ) (2.6 ) Total derivative liabilities at fair value — non-qualifying hedges (1) (95.1 ) — (92.5 ) (2.6 ) FDIC True-up liability (69.3 ) — — (69.3 ) Total $ (164.4 ) $ — $ (92.5 ) $ (71.9 ) December 31, 2019 Assets Residential MBS – U.S. government/sponsored agency $ 4,773.8 $ — $ 4,773.8 $ — U.S. treasury securities 11.3 4.7 6.6 — Other securities 1,226.7 — 1,159.6 67.1 Total debt securities AFS 6,011.8 4.7 5,940.0 67.1 Securities carried at fair value with changes recorded in net income 47.2 0.1 47.1 — Interest rate contracts — non-qualifying hedges 176.9 — 176.7 0.2 Other derivative — non-qualifying hedges 13.8 — 13.7 0.1 Total derivative assets at fair value — non-qualifying hedges (1) 190.7 — 190.4 0.3 Total $ 6,249.7 $ 4.8 $ 6,177.5 $ 67.4 Liabilities Interest rate contracts — non-qualifying hedges $ (14.5 ) $ — $ (14.5 ) $ — Other derivative— non-qualifying hedges (6.9 ) — (6.1 ) (0.8 ) Total derivative liabilities at fair value — non-qualifying hedges (1) (21.4 ) — (20.6 ) (0.8 ) Foreign currency forward contracts — net investment qualifying hedges (10.6 ) — (10.6 ) — Total derivative liabilities at fair value — qualifying hedges (10.6 ) — (10.6 ) — FDIC True-up liability (68.8 ) — — (68.8 ) Total $ (100.8 ) $ — $ (31.2 ) $ (69.6 ) (1) The methods and assumptions used to estimate the fair value of each class of financial instruments measured at fair value on a recurring basis are as follows: Debt securities AFS — Investments in U.S. government agency and sponsored agency guaranteed mortgage-backed securities, U.S. government agency and sponsored agency obligations, U.S. Treasury securities and supranational securities were valued using Level 2 inputs. The market for certain corporate bonds is not active, therefore the estimated fair value was determined using a discounted cash flow technique. Given the lack of observable market data, the estimated fair value of the corporate bonds was classified as Level 3. See in the Company's 2019 Form 10-K for details on significant inputs and valuation techniques. Securities carried at fair value with changes recorded in net income — Most equity securities were valued using Level 2 inputs based on published net asset value, with the remaining securities being valued using Level 1 inputs. Derivative Assets and Liabilities — Derivatives were valued using models that incorporate inputs depending on the type of derivative. Besides the fair value of credit derivatives, which were estimated using Level 3 inputs, most derivative instruments were valued using Level 2 inputs based on quoted prices for similar assets and liabilities and model-based valuation techniques for which all significant assumptions are observable in the market. See in the Company's 2019 Form 10-K for details on significant inputs and valuation techniques. See for notional principal amounts and fair values. FDIC True-up Liability — The FDIC True-up liability was recorded at estimated fair value as of the date of the OneWest transaction related to the FDIC-assisted transaction of La Jolla and was measured at fair value at each reporting date until the contingency is resolved. Due to the significant unobservable inputs used, these measurements were classified as Level 3. As of March 31, 2020, the fair value of the liability was measured based on the accrued amount of FDIC True-up payment , which was settled in April 2020 . The following tables summarize information about significant unobservable inputs related to the Company’s categories of Level 3 financial assets and liabilities measured on a recurring basis. Quantitative Information about Level 3 Fair Value Measurements — Recurring (dollars in millions) Financial Instrument Estimated Fair Value Valuation Technique(s) Significant Unobservable Inputs Range of Inputs Weighted Average March 31, 2020 Assets Debt Securities — AFS $ 65.7 Discounted cash flow Discount Rate 6.0% - 6.2% 6.1% Derivative assets — non-qualifying 1.5 Internal valuation model Borrower Rate 2.6% - 4.8% 3.2% Total Assets $ 67.2 Liabilities FDIC True-up liability $ (69.3 ) FDIC True-up payment Derivative liabilities — non-qualifying (2.6 ) Internal valuation model Total Liabilities $ (71.9 ) December 31, 2019 Assets Debt Securities — AFS $ 67.1 Discounted cash flow Discount Rate 6.0% - 6.2% 6.0% Derivative assets — non-qualifying 0.3 Internal valuation model Borrower Rate 2.8% - 5.0% 3.6% Total Assets $ 67.4 Liabilities FDIC True-up liability $ (68.8 ) Discounted cash flow Discount Rate 2.2% 2.2% Derivative liabilities — non-qualifying (0.8 ) Market comparable Total Liabilities $ (69.6 ) The following table summarizes the changes in estimated fair value for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3). Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities Measured on a Recurring Basis (dollars in millions) Securities- AFS Derivative Assets- Non- Qualifying Derivative Liabilities- Non- Qualifying FDIC True-up Liability Balance as of December 31, 2019 $ 67.1 $ 0.3 $ (0.8 ) $ (68.8 ) Included in earnings — 1.2 (1.8 ) (0.5 ) Included in comprehensive income (1.4 ) — — — Balance as of March 31, 2020 $ 65.7 $ 1.5 $ (2.6 ) $ (69.3 ) Balance as of December 31, 2018 $ 65.9 $ 0.4 $ — $ (66.9 ) Included in earnings — (0.1 ) (0.1 ) (0.5 ) Included in comprehensive income 1.3 — — — Balance as of March 31, 2019 $ 67.2 $ 0.3 $ (0.1 ) $ (67.4 ) Assets Measured at Estimated Fair Value on a Non-recurring Basis Certain assets or liabilities are required to be measured at estimated fair value on a non-recurring basis subsequent to initial recognition. Generally, these adjustments are the result of LOCOM or other impairment accounting. In determining the estimated fair values, the Company determined that substantially all the changes in estimated fair value were due to declines in market conditions versus instrument specific credit risk. This was determined by examining the changes in market factors relative to instrument specific factors. Assets and liabilities acquired in the MOB Transaction were recorded at fair value on the acquisition date pursuant to ASC 805. See Note 2-Acquisition and Discontinued Operations The following table presents assets measured at estimated fair value on a non-recurring basis for which a non-recurring change in fair value has been recorded in the current year. Carrying Value of Assets Measured at Fair Value on a Non-recurring Basis (dollars in millions) Carrying Value Fair Value Measurements at Reporting Date Using: Total Level 1 Level 2 Level 3 Total Gains (Losses) March 31, 2020 Assets held for sale $ 27.1 $ — $ 2.7 $ 24.4 $ (4.0 ) Collateral-dependent loans 12.8 — — 12.8 (26.6 ) Mortgage Servicing Rights 7.8 — — 7.8 (2.0 ) Total $ 47.7 $ — $ 2.7 $ 45.0 $ (32.6 ) December 31, 2019 Assets held for sale $ 22.6 $ — $ 1.9 $ 20.7 $ 2.2 Impaired loans 244.8 — — 244.8 (73.5 ) Tax credit investments 82.0 — — 82.0 (5.1 ) Total $ 349.4 $ — $ 1.9 $ 347.5 $ (76.4 ) The methods and assumptions used to estimate the fair value of each class of financial instruments measured at fair value on a non-recurring basis are as follows: Assets Held for Sale — The fair value of Level 2 assets was primarily estimated based on the prices of recent trades of similar assets. The carrying value of level 3 assets approximates fair value. Collateral-dependent loans – ACL is established for an excess of amortized cost of collateral-dependent loans over the fair value of the underlying collateral less costs to sell. The fair value of collateral-dependent loans is classified as Level 3 as the fair value of underlying collateral is estimated primarily based on third party appraisals discounted based on the Company’s experience with liquidation value or other valuation techniques such as income, market and cost approaches. Mortgage Servicing Rights – Under the amortization method, the amortized cost basis of the MSRs was reduced to its fair value for the impairment loss recognized. The fair value of the MSRs was valued under the income approach using the discounted cash flow model based on level 3 inputs including prepayment speed, discount rates and cost to service. Impaired Loans — The value of impaired loans was assessed through the evaluation of their aggregate carrying values relative to contractual amounts owed (unpaid principal balance) from customers. See in the Company's 2019 Form 10-K for methods and assumptions used. Tax Credit Investments – The fair value was estimated based on remaining future tax benefits and Level 3 inputs including market yields of comparable investments. During the fourth quarter of 2019, the Company recognized an impairment loss of $5.1 million on certain tax credit investments. Financial Instruments not Measured at Fair Value The carrying values and estimated fair values of financial instruments not measured at fair value presented below exclude leases and certain other assets and liabilities, which were not required for disclosure. Carrying Value and Fair Value of Financial Instruments (dollars in millions) Estimated Fair Value Carrying Value Level 1 Level 2 Level 3 Total March 31, 2020 Financial Assets Cash and interest-bearing deposits $ 3,698.5 $ 3,698.5 $ — $ — $ 3,698.5 Assets held for sale (excluding leases) 49.2 — 21.3 28.1 49.4 Loans (excluding leases) (1) 36,278.9 — 855.9 32,406.9 33,262.8 Investment securities ( 2 ) 273.9 — — 273.9 273.9 Other assets subject to fair value disclosure ( 3 ) 566.2 — — 566.2 566.2 Financial Liabilities Deposits ( 4 ) (42,182.0 ) — — (42,334.2 ) (42,334.2 ) Borrowings ( 4 ) (8,121.4 ) — (7,430.6 ) (551.9 ) (7,982.5 ) Credit balances of factoring clients (1,023.7 ) — — (1,023.7 ) (1,023.7 ) Other liabilities subject to fair value disclosure ( 5 ) (637.2 ) — — (637.2 ) (637.2 ) December 31, 2019 Financial Assets Cash and interest-bearing deposits $ 2,685.6 $ 2,685.6 $ — $ — $ 2,685.6 Assets held for sale (excluding leases) 29.6 — 7.5 22.2 29.7 Loans (excluding leases) (1) 28,744.5 — 1,114.5 27,684.3 28,798.8 Securities purchased under agreement to resell 950.0 — 950.0 — 950.0 Investment securities ( 2 ) 217.8 — — 217.8 217.8 Other assets subject to fair value disclosure ( 3 ) 418.2 — — 418.2 418.2 Financial Liabilities Deposits ( 4 ) (35,156.2 ) — — (35,263.8 ) (35,263.8 ) Borrowings ( 4 ) (6,549.6 ) — (6,532.0 ) (365.2 ) (6,897.2 ) Credit balances of factoring clients (1,176.2 ) — — (1,176.2 ) (1,176.2 ) Other liabilities subject to fair value disclosure ( 5 ) (831.6 ) — — (831.6 ) (831.6 ) (1) (2) (3) (4) (5) The methods and assumptions used to estimate the fair value of each class of financial instruments not measured at fair value are as follows: Loans ▪ Commercial and Consumer Loans Note 1 – Business and Summary of Significant Accounting Policies ▪ PCD loans Securities Purchased Under Agreement to Resell – The fair value of securities purchased under agreement to resell (reverse repo) was determined using a discount cash flow technique. Interest rates appropriate to the maturity and underlying collateral are used for discounting the estimated cash flows. As observable market interest rates are used, the fair value of securities purchased under agreement to resell was classified as Level 2. As of March 31, 2020, there were no outstanding reverse repo transactions. Investment Securities ▪ Non-marketable securities - Utilize Level 3 inputs to estimate fair value and were generally recorded under the cost method of accounting. FHLB and FRB stock carrying values approximate fair value. Of the remaining non-marketable securities, the fair value is determined based on techniques that use significant assumptions that are not observable in the market. Deposits — The estimated fair value of deposits with no stated maturity, such as demand deposit accounts, money market a ccounts, and savings accounts was the amount payable on demand at the reporting date. The fair value of time deposits is estimated using Level 3 inputs. Borrowings The Level 2 fair value of borrowings were valued using market inputs and discounted value of the contractual cash flows using current estimated market discount rates for borrowings with similar terms, remaining maturities and put dates and did not require significant judgment . ▪ Unsecured debt — Unsecured debt consisted of both senior debt and subordinated debt with a par value of $4.5 billion ▪ Secured borrowings — Secured borrowings consisted of FHLB advances with a par value of $3.1 billion and $1.7 billion at March 31, 2020 and December 31, 2019, respectively. The estimated fair value of FHLB advances was based on a discounted cash flow model. The cash flows were calculated using the contractual features of the advance and then discounted using observable rates. ▪ Securities sold under agreements to repurchase - The fair value of securities sold under agreements to repurchase (repo) was determined using a discount cash flow technique. Interest rates appropriate to the maturity and underlying collateral are used for discounting the estimated cash flows. As observable market interest rates are used, the fair value of repo transactions was classified as Level 2. The Level 3 fair value of borrowings included: ▪ Secured borrowings Credit balances of factoring clients — The impact of the time value of money from the unobservable discount rate for credit balances of factoring clients is inconsequential due to the short term nature of these balances, therefore, the carrying value approximated fair value, and the credit balances were classified as Level 3.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 12 — STOCKHOLDERS' EQUITY In conjunction with the MOB Transaction, consideration paid included the issuance of approximately 3.1 million shares of CIT Group Inc. common stock. A roll forward of common stock activity is presented in the following table. Number of Shares of Common Stock Issued Less Treasury Outstanding Common stock - December 31, 2019 162,188,287 (67,445,723 ) 94,742,564 Common stock issuance - acquisition - 3,094,697 3,094,697 Restricted stock issued 777,774 - 777,774 Shares held to cover taxes on vesting restricted shares and other - (297,803 ) (297,803 ) Employee stock purchase plan participation 48,882 - 48,882 Common stock - March 31, 2020 163,014,943 (64,648,829 ) 98,366,114 Accumulated Other Comprehensive Income (Loss) ("AOCI") The following table details the components of AOCI, net of tax: Components of Accumulated Other Comprehensive Income (Loss) (dollars in millions) March 31, 2020 December 31, 2019 Gross Unrealized Income Taxes Net Unrealized Gross Unrealized Income Taxes Net Unrealized Foreign currency translation adjustments $ (2.5 ) $ (7.5 ) $ (10.0 ) $ (1.9 ) $ (7.2 ) $ (9.1 ) Changes in benefit plans net loss and prior service (cost)/credit (47.5 ) (2.3 ) (49.8 ) (51.3 ) (1.3 ) (52.6 ) Unrealized net gains on securities AFS (1) 170.8 (44.2 ) 126.6 13.6 (4.0 ) 9.6 Total other accumulated comprehensive income (loss) $ 120.8 $ (54.0 ) $ 66.8 $ (39.6 ) $ (12.5 ) $ (52.1 ) (1) The following table details the changes in the components of AOCI, net of income taxes: Changes in Accumulated Other Comprehensive Income (Loss) by Component (dollars in millions) Foreign currency translation adjustments Changes in benefit plan net gain (loss) and prior service (cost) credit Unrealized net gains (losses) on AFS securities Total AOCI Balance as of December 31, 2019 $ (9.1 ) $ (52.6 ) $ 9.6 $ (52.1 ) AOCI activity before reclassifications (0.9 ) 2.6 126.3 128.0 Amounts reclassified from AOCI — 0.2 (9.3 ) (9.1 ) Net current period AOCI (0.9 ) 2.8 117.0 118.9 Balance as of March 31, 2020 $ (10.0 ) $ (49.8 ) $ 126.6 $ 66.8 Balance as of December 31, 2018 $ (20.9 ) $ (70.2 ) $ (87.2 ) $ (178.3 ) AOCI activity before reclassifications 5.7 2.2 46.0 53.9 Amounts reclassified from AOCI — — (0.8 ) (0.8 ) Net current period AOCI 5.7 2.2 45.2 53.1 Balance as of March 31, 2019 $ (15.2 ) $ (68.0 ) $ (42.0 ) $ (125.2 ) Other Comprehensive Income The amounts included in the Condensed Consolidated Statements of Comprehensive Income are net of income taxes. The following table presents the pretax and after-tax components of other comprehensive income. Before- and After-Tax components of OCI (dollars in millions) Quarters Ended March 31, 2020 2019 Gross Amount Tax Net Amount Gross Amount Tax Net Amount Income Statement Line Item Foreign currency translation adjustments gains AOCI activity before reclassification $ (0.6 ) $ (0.3 ) $ (0.9 ) $ 2.3 $ 3.4 $ 5.7 Net change (0.6 ) (0.3 ) (0.9 ) 2.3 3.4 5.7 Changes in benefit plan net loss and prior service (cost)/credit losses AOCI activity before reclassification 3.6 (1.0 ) 2.6 2.9 (0.7 ) 2.2 Reclassifications Out of AOCI 0.2 — 0.2 — — — Operating expenses Net change 3.8 (1.0 ) 2.8 2.9 (0.7 ) 2.2 Unrealized net gains on securities AFS AOCI activity before reclassification 169.7 (43.4 ) 126.3 62.0 (16.0 ) 46.0 Reclassifications Out of AOCI (12.5 ) 3.2 (9.3 ) (1.1 ) 0.3 (0.8 ) Other non-interest income Net change 157.2 (40.2 ) 117.0 60.9 (15.7 ) 45.2 Net current period AOCI $ 160.4 $ (41.5 ) $ 118.9 $ 66.1 $ (13.0 ) $ 53.1

Regulatory Capital

Regulatory Capital	3 Months Ended
	Mar. 31, 2020
Regulatory Capital Requirements [Abstract]
Regulatory Capital	NOTE 13 — REGULATORY CAPITAL The Company and the Bank are each subject to various regulatory capital requirements administered by the FRB and the OCC. Quantitative measures established by regulation to ensure capital adequacy require that the Company and the Bank each maintain minimum amounts and ratios of Total, Tier 1 and Common Equity Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. We compute capital ratios in accordance with Federal Reserve capital guidelines and OCC capital rules for assessing adequacy of capital for the Company and CIT Bank, respectively. The regulatory capital rules applicable to the Company and the Bank were the Basel III Rule and the Simplification Final Rule for the period ended on March 31, 2020, and the Basel III Rule and the Transition Final Rule for the period ended December 31, 2019. CIT and CIT Bank are also subject to certain capitalization levels based on Regulation Y for Bank Holding Companies (“BHC”) and Change in Bank Control and the FDIC’s Prompt Corrective Action (“PCA”) framework. CIT Group and CIT Bank capital ratios were all in excess of minimum capital ratios to be considered well-capitalized under Regulation Y and the PCA framework, respectively, at March 31, 2020 and December 31, 2019. In March 2020, the OCC, FRB and FDIC collectively issued an interim final rule on the Revised CECL Transition Rule three-year The following table summarizes the actual and required capital ratios: Capital Components and Ratios (dollars in millions) CIT CIT Bank, N.A. March 31, December 31, March 31, December 31, 2020 2019 2020 2019 Common Equity Tier 1 Capital $ 5,158.1 $ 5,444.4 $ 4,677.7 $ 4,879.6 Tier 1 Capital 5,682.9 5,969.3 4,677.7 4,879.6 Total Capital 6,842.3 6,983.3 5,545.7 5,644.3 Risk-Weighted Assets $ 52,973.0 $ 45,262.0 $ 45,160.2 $ 37,150.5 Common Equity Tier 1 Capital Ratio: Actual 9.7% 12.0% 10.4% 13.1% Effective minimum ratios under Basel III guidelines (1) 7.0% 7.0% 7.0% 7.0% BHC and PCA Well-Capitalized (2) (2) 6.5% 6.5% Tier 1 Capital Ratio: Actual 10.7% 13.2% 10.4% 13.1% Effective minimum ratios under Basel III guidelines (1) 8.5% 8.5% 8.5% 8.5% BHC and PCA Well-Capitalized 6.0% 6.0% 8.0% 8.0% Total Capital Ratio: Actual 12.9% 15.4% 12.3% 15.2% Effective minimum ratios under Basel III guidelines (1) 10.5% 10.5% 10.5% 10.5% BHC and PCA Well-Capitalized 10.0% 10.0% 10.0% 10.0% Tier 1 Leverage Ratio: Actual 9.8% 11.9% 8.9% 11.0% Required minimum ratios under Basel III guidelines (1) 4.0% 4.0% 4.0% 4.0% BHC and PCA Well-Capitalized (2) (2) 5.0% 5.0% (1) stated minimums of 4.5%, 6% and 8% for CET1 capital, Tier 1 capital and Total capital ratios, respectively, plus (2)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 14 — INCOME TAXES The Company’s global effective income tax rate was 10.4% and 24.1% for the three months ended March 31, 2020 and 2019, respectively. The decrease was primarily due to the impact of lower pre-tax book income on permanent adjustments and the impact of the non-deductible portion of the goodwill impairment. The quarterly income tax expense is based on a projection of the Company’s annual effective tax rate. This annual effective tax rate is applied to the year-to-date consolidated pre-tax income to determine the interim provision for income taxes before discrete items. The effective tax rate each period is also impacted by a number of factors, including the relative mix of domestic and international earnings, effects of changes in enacted tax laws, adjustments to the valuation allowances, and discrete items. The currently forecasted effective tax rate may vary from the actual year-end 2020 effective tax rate due to the changes in these factors. Uncertain Tax Benefits The Company recognizes tax benefits when it is more likely than not that the position will prevail, based solely on the technical merits under the tax law of the relevant jurisdiction. The Company will recognize the tax benefit if the position meets this recognition threshold determined based on the largest amount of the benefit that is more than likely to be realized.

Commitments

Commitments	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS	NOTE 15 — COMMITMENTS The accompanying table summarizes credit-related commitments and other purchase and funding commitments: Commitments (dollars in millions) March 31, 2020 December 31, 2019 Due to Expire Within One Year After One Year Total Outstanding Total Outstanding Financing Commitments Financing assets $ 3,477.0 $ 4,893.9 $ 8,370.9 $ 6,459.7 Letters of credit Standby letters of credit 52.5 178.8 231.3 199.6 Other letters of credit 7.3 3.1 10.4 6.7 Deferred purchase agreements 1,556.1 — 1,556.1 2,060.6 Purchase and Funding Commitments Rail and other purchase commitments (1) $ 690.6 $ — $ 690.6 $ 813.7 (1) Financing Commitments Financing commitments, referred to as loan commitments or lines of credit, primarily reflect CIT’s agreements to lend to its customers, subject to the customers’ compliance with contractual obligations. At March 31, 2020, substantially all undrawn financing commitments were senior facilities. Most of the Company’s undrawn and available financing commitments are in the Commercial Banking segment. Financing commitments also include credit line agreements to Commercial Finance clients that are cancellable by us only after a notice period. The notice period is typically 90 days or less. The amount available under these credit lines, net of the amount of receivables assigned to us, was $175 million and $172 million at March 31, 2020 and As financing commitments may not be fully drawn, may expire unused, may be reduced or canceled at the customer’s request, and may require the customer to be in compliance with certain conditions, total commitment amounts do not necessarily reflect actual future cash flow requirements. The table above excludes uncommitted revolving credit facilities extended by Commercial Finance to its clients for working capital purposes. In connection with these facilities, Commercial Finance has the sole discretion throughout the duration of these facilities to determine the amount of credit that may be made available to its clients at any time and whether to honor any specific advance requests made by its clients under these credit facilities. Letters of Credit In the normal course of meeting the needs of clients, CIT sometimes enters into agreements to provide financing and letters of credit. Standby letters of credit are issued by CIT to guarantee payment to the beneficiary if a client on whose behalf the letter of credit was issued does not meet its obligation. These financial instruments generate fees and involve, to varying degrees, elements of credit risk in excess of amounts recognized in the Consolidated Balance Sheets. To minimize potential credit risk, CIT generally requires collateral, and, in some cases, additional forms of credit support from the client. Deferred Purchase Agreements A DPA is a guarantee provided in conjunction with factoring, whereby CIT provides a client with credit protection for trade receivables without purchasing the receivables. The trade receivables terms generally require payment in 90 days or less. If the client’s customer is unable to pay an undisputed receivable solely as the result of credit risk, CIT is then required to purchase the receivable from the client, less any borrowings for such client. The outstanding amount in the table above, less $131.2 million of borrowings for such clients, is the maximum amount that CIT would be required to pay under all DPAs. This maximum amount would only occur if all receivables subject to DPAs default in the manner described above, thereby requiring CIT to purchase all such receivables from the DPA clients. The table above includes $1,492 million $1,966 million

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2020
Loss Contingency [Abstract]
CONTINGENCIES	NOTE 16 — CONTINGENCIES Litigation and other Contingencies CIT is involved, and from time to time in the future may be involved, in a number of pending and threatened judicial, regulatory, and arbitration proceedings as well as proceedings, investigations, examinations and other actions brought or considered by governmental and self-regulatory agencies. These matters arise in connection with the conduct of CIT’s business. At any given time, CIT may also be in the process of responding to subpoenas, requests for documents, data and testimony relating to such matters and engaging in discussions to resolve the matters (all of the foregoing collectively being referred to as “Litigation”). While most Litigation relates to individual claims, CIT is also subject to putative class action claims and similar broader claims and indemnification obligations. In view of the inherent difficulty of predicting the outcome of Litigation matters and indemnification obligations, particularly when such matters are in their early stages or where the claimants seek indeterminate damages, CIT cannot state with confidence what the eventual outcome of the pending Litigation will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines, or penalties related to each pending matter will be, if any. In accordance with applicable accounting guidance, CIT establishes reserves for Litigation when those matters present loss contingencies as to which it is both probable that a loss will occur and the amount of such loss can be reasonably estimated. Based on currently available information, CIT believes that the outcome of Litigation that is currently pending will not have a material adverse effect on the Company’s financial condition, but may be material to the Company’s operating results or cash flows for any particular period, depending in part on its operating results for that period. The actual results of resolving such matters may be substantially higher than the amounts reserved. For certain Litigation matters in which the Company is involved, the Company is able to estimate a range of reasonably possible losses in excess of established reserves and insurance. For other matters for which a loss is probable or reasonably possible, such an estimate cannot be determined. For Litigation and other matters where losses are reasonably possible, management currently estimates the aggregate range of reasonably possible losses as up to $35 million in excess of any established reserves and any insurance we reasonably believe we will collect related to those matters. This estimate represents reasonably possible losses (in excess of established reserves and insurance) over the life of such Litigation, which may span a currently indeterminable number of years, and is based on information currently available as of March 31, 2020. The Litigation matters underlying the estimated range will change from time to time, and actual results may vary significantly from this estimate. Those Litigation matters for which an estimate is not reasonably possible or as to which a loss does not appear to be reasonably possible, based on current information, are not included within this estimated range and, therefore, this estimated range does not represent the Company’s maximum loss exposure. The foregoing statements about CIT’s Litigation are based on the Company’s judgments, assumptions, and estimates and are necessarily subjective and uncertain. The Company has several hundred threatened and pending judicial, regulatory and arbitration proceedings at various stages. One of the Company’s significant Litigation matters is described below. Hawaiian Foreclosure Litigation Claims Based on recent rulings of the Hawaii Supreme Court, 43 individual lawsuits were filed against CIT in Hawaii alleging technical violations in non-judicial foreclosures. Similar cases have been filed against other mortgage lenders in Hawaii. The Hawaii Supreme Court did not establish a clear methodology for calculating alleged damages if a violation is proven and there is substantial dispute in this regard. In many instances the borrower had no equity in the home at the time of foreclosure. Damages sought in these cases include any lost equity, compensation for loss of use of the house and, in some cases, treble or punitive damages under Hawaii's unfair practices law. The Company has settled all of the individual lawsuits alleging foreclosure violations. In addition to the individual lawsuits, plaintiffs’ counsel filed six putative class actions alleging the same foreclosure defects violate Hawaii’s unfair and deceptive acts and practices statute. The Company was not named as a defendant in any of the class actions, but serviced loans at the time of foreclosure on behalf of various securitization trusts. In November 2019, the Company signed a class settlement agreement to resolve the claims of the putative class members in the class actions for approximately $9.25 million. In order to effectuate the settlement, a new class action was filed against the Company on February 7, 2020, and concurrently plaintiffs’ counsel filed a motion seeking preliminary approval of the settlement. The court granted the motion for preliminary approval of the settlement after a hearing on March 19, 2020. The final approval hearing is currently scheduled for July 22, 2020. Based on existing reserves, CIT does not expect the settlement will have a material impact .

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
BUSINESS SEGMENT INFORMATION	NOTE 17 — BUSINESS SEGMENT INFORMATION Segment Profit and Assets After closing the MOB Acquisition, we reported the acquired businesses within our existing business segments. The transaction diversifies and enhances CIT’s funding profile with stable, lower-cost deposits from MOB’s leading HOA banking business, which extends CIT’s commercial banking capabilities. Refer to Note 24 — Business Segment Information The following table presents segment data related to continuing operations. Segment Pre-tax Income (Loss) (dollars in millions) Commercial Banking Consumer Banking Corporate Total CIT Quarter Ended March 31, 2020 Interest income $ 367.9 $ 101.6 $ 44.1 $ 513.6 Interest expense (benefit) 163.5 (10.1 ) 72.3 225.7 Provision for credit losses 508.9 5.0 - 513.9 Rental income on operating leases 209.8 - - 209.8 Other non-interest income 87.3 14.0 29.3 130.6 Depreciation on operating lease equipment 78.3 - - 78.3 Maintenance and other operating lease expenses 53.6 - - 53.6 Goodwill impairment 301.5 43.2 - 344.7 Operating expenses/loss on debt extinguishment and deposit redemption 213.3 102.1 19.0 334.4 (Loss) income from continuing operations before provision (benefit) for income taxes $ (654.1 ) $ (24.6 ) $ (17.9 ) $ (696.6 ) Select Period End Balances Loans $ 30,022.7 $ 8,507.7 $ - $ 38,530.4 Credit balances of factoring clients (1,023.7 ) - - (1,023.7 ) Assets held for sale 48.3 24.9 - 73.2 Operating lease equipment, net 7,488.1 - - 7,488.1 Quarter Ended March 31, 2019 Interest income $ 356.6 $ 95.5 $ 64.4 $ 516.5 Interest expense (benefit) 199.4 (39.3 ) 75.5 235.6 Provision (benefit) for credit losses 35.1 (2.1 ) - 33.0 Rental income on operating leases 217.7 - - 217.7 Other non-interest income 77.6 4.7 14.5 96.8 Depreciation on operating lease equipment 79.4 - - 79.4 Maintenance and other operating lease expenses 49.8 - - 49.8 Operating expenses/loss on debt extinguishment and deposit redemption 180.7 93.8 1.7 276.2 Income from continuing operations before provision (benefit) for income taxes $ 107.5 $ 47.8 $ 1.7 $ 157.0 Select Period End Balances Loans $ 24,641.3 $ 6,605.7 $ - $ 31,247.0 Credit balances of factoring clients (1,651.3 ) - - (1,651.3 ) Assets held for sale 56.1 4.5 18.8 79.4 Operating lease equipment, net 6,989.5 - - 6,989.5

Goodwill And Intangible Assets

Goodwill And Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	NOTE 18 — GOODWILL AND INTANGIBLE ASSETS Goodwill (dollars in millions) Commercial Banking Consumer Banking Total December 31, 2019 $ 326.7 $ 43.2 $ 369.9 Additions 116.4 5.2 121.6 Impairment (301.5 ) (43.2 ) (344.7 ) March 31, 2020 $ 141.6 $ 5.2 $ 146.8 The December 31, 2019 goodwill included amounts from CIT's emergence from bankruptcy in 2009 and the 2015 acquisition of IMB HoldCo LLC, the parent company of OneWest Bank. As detailed in Note 2 Acquisition and Discontinued Operations of the acquisition date resulting in $ million of goodwill. The Company allocated $ 116.4 million of t he goodwill to Commercial Banking and $ 5.2 million to Consumer Banking . Additionally, intangible assets of $ 102.6 million were recorded relat ed to the valuation of core deposit intangibles, trade name and customer relationships, as detailed in the table below. Once goodwill has been assigned, it no longer retains its association with a particular event or acquisition, and all of the activities within a RU, whether acquired or internally generated, are available to support the value of goodwill. In accordance with ASC 350, Intangibles — Goodwill and other, goodwill is assessed for impairment at least annually, or more often if events or circumstances have changed significantly from the annual test date that would indicate a potential reduction in the fair value of the RU below its carrying value. The Company performs its annual goodwill impairment test during the fourth quarter of each year or more often if events or circumstances have changed significantly from the annual test date, utilizing data as of September 30 to perform the test. The overall deterioration in the macroeconomic environment, challenges in the banking industry, including the low rate environment, and, in particular, the sustained decrease in CIT’s and its peer companies’ stock prices triggered the need for an interim goodwill impairment test in the first quarter of 2020. CIT defines its RUs as Commercial Finance, Real Estate Finance, Rail and Consumer Banking. Currently, the goodwill associated with the MOB Acquisition remains its own separate RUs within the Commercial Banking and Consumer Banking segments as MOB has not yet been fully integrated with CIT. Fair Value Determining the value of the RUs as part of the quantitative impairment test involves significant judgment. The methodology used to assess impairment during the first quarter of 2020 was largely consistent with that used in our annual analysis whereby a combination of the income approach (i.e. discounted cash flow (“DCF”) method) and the market approach (i.e. Guideline Public Company ("GPC") method) were used to determine the fair value. In the application of the Income Approach, the Company determined the fair value of the RUs using a DCF analysis. See Note 25 -- Goodwill and Intangible Assets For the annual impairment test, the DCF model used earnings projections and respective capitalization assumptions based on two-year financial plans presented to the Board of Directors. For purposes of the interim test, the Company’s financial plans for 2020 and 2021 were updated for the projected impact of COVID-19 on the net revenue growth and asset utilization. Beyond the initial two-year period, the projections converge toward a constant long-term net revenue growth rate of up to 3% based on the projected revenues of the RU, as well as expectations for the development of gross domestic product and inflation, which are captured in the terminal value. Estimating future earnings and capital requirements involves judgment and the consideration of past and current performance and overall macroeconomic and regulatory environments. The cash flows determined based on the process described above were discounted to their present value. The discount rate (cost of equity) applied is comprised of a risk-free interest rate, an equity risk premium, a size premium and a factor covering the systemic market risk (RU-specific beta) and, where applicable, a company specific risk premium. The values for the factors applied are determined primarily using external sources of information. The RU-specific betas are determined based on a group of peer companies. The discount rates applied to the RUs ranged from 10.25% to 11.25%. In our application of the market approach, for the GPC Method, the Company applied market-based multiples derived from the stock prices of companies considered by management to be comparable to each of the RUs, to various financial metrics for each of the RUs, as determined applicable to those RUs, including tangible book or book value, earnings and projected earnings. In addition, the Company applied a 40% control premium based on our review of transactions observable in the market place that we determined were comparable to the current economic environment. The control premium is management's estimate of how much a market participant would be willing to pay over the fair market value for control of the business. There was a significant reduction in the values determined under this methodology as a result of the sustained depression in CIT’s peer company stock prices. A weighting is ascribed to each of the results of the income and market approaches to determine the concluded fair value of each RU. The weighting is judgmental and is based on the perceived level of appropriateness of the valuation methodology for each specific RU. Estimating the fair value of RUs involves the use of estimates and significant judgments that are based on a number of factors including actual operating results. If current conditions change from those expected, it is reasonably possible that the judgments and estimates described above could change in future periods. Based on the quantitative analysis, as described above, the Company concluded that the carrying amount of the Commercial Finance, Real Estate Finance and Consumer Banking RUs exceeded their estimated fair value and thus the Company recorded an impairment of the goodwill in the Commercial Finance, Real Estate Finance and Consumer Banking RUs of $159.9 million, $141.6 million and $43.2 million, respectively, representing the full amount of goodwill assigned to the RUs. Goodwill associated with Rail of $25.2 million was determined not to be impaired as the fair value of the RU exceeded the book value. With respect to the $121.6 million goodwill associated with RUs from the MOB Acquisition, there was no trigger event identified. Management will continue to monitor the remaining goodwill for additional impairment, particularly in light of the COVID-19 pandemic’s impact to the macro-economic environment. Intangible Assets The following table presents the gross carrying value and accumulated amortization for intangible assets, excluding fully amortized intangible assets. Intangible Assets (dollars in millions) March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangibles $ 222.4 $ (86.6 ) $ 135.8 $ 126.3 $ (79.7 ) $ 46.6 Trade names 27.7 (13.6 ) 14.1 24.7 (12.7 ) 12.0 Customer relationships 27.4 (17.2 ) 10.2 23.9 (16.2 ) 7.7 Other 7.4 (7.4 ) — 7.4 (7.7 ) (0.3 ) Total intangible assets $ 284.9 $ (124.8 ) $ 160.1 $ 182.3 $ (116.3 ) $ 66.0 The following table presents the changes in intangible assets: Intangible Assets Rollforward (dollars in millions) Core Deposit Intangibles Trade Names Customer Relationships Other Total December 31, 2019 $ 46.6 $ 12.0 $ 7.7 $ (0.3 ) $ 66.0 Additions 96.1 3.0 3.5 — 102.6 Amortization (6.9 ) (0.9 ) (1.0 ) 0.3 (8.5 ) March 31, 2020 $ 135.8 $ 14.1 $ 10.2 $ — $ 160.1 The addition to intangible asset balances in 2020 reflect the intangibles recognized as a result of the acquisition of MOB. The largest component related to the valuation of core deposits. Core deposit intangibles (“CDIs”) represent future benefits arising from noncontractual customer relationships (e.g., account relationships with the depositors) acquired from the purchase of demand deposit accounts, including interest and Accumulated amortization totaled $124.8 million at March 31, 2020. Projected amortization for the years ended March 31, 2021 through March 31, 2025, is approximately $33.7 million, $32.2 million, $19.5 million, $13.4 million, and $13.3 million, respectively.

Business and Summary of Signi_2

Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Financial Information	Basis of Financial Information These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q for interim financial information and accordingly do not include all information and note disclosures required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. The financial statements in this Form 10-Q, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of CIT’s financial position, results of operations and cash flows in accordance with GAAP. These consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2019 ("2019 Form 10-K"). The accounting and financial reporting policies of CIT conform to GAAP and the preparation of the consolidated financial statements is in conformity with GAAP, which requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates and assumptions. Some of the more significant estimates include: Allowance for Credit Losses (“ACL”), realizability of deferred tax assets, and goodwill. Additionally, where applicable, the policies conform to accounting and reporting guidelines prescribed by bank regulatory authorities.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include financial information related to CIT and its majority-owned subsidiaries and those variable interest entities (“VIEs”) where the Company is the primary beneficiary (“PB”). In preparing the consolidated financial statements, all significant inter-company accounts and transactions have been eliminated. Assets held in an agency or fiduciary capacity are not included in the consolidated financial statements. The current period’s results of operations do not necessarily indicate the results that may be expected for any other interim period or for the full year as a whole.
Discontinued Operations	Discontinued Operations There were no discontinued operations as of March 31, 2020 and December 31, 2019. See further discussion in Note 2 – Acquisition and Discontinued Operations .
Acquisition	Acquisition On January 1, 2020, CIT acquired Mutual of Omaha Bank (“MOB”), the savings bank subsidiary of Mutual of Omaha Insurance Company and Omaha Financial Holdings, Inc. (“OFHI”) for approximately $1 billion in cash and stock (the “MOB Acquisition” or “MOB Transaction”). The results for the quarter ended March 31, 2020 include the activity of MOB whereas no MOB activity for the comparable March 31, 2019 quarter is included. See further discussion in Note 2 – Acquisition and Discontinued Operations
Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) and Interagency Statement	The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and Interagency Statement On March 27, 2020, the CARES Act was signed into law. Section 4013 of the CARES Act gives financial institutions temporary relief from the accounting and disclosure requirements related to troubled debt restructurings (“TDRs”) under ASC 310-40 and past due and non-accrual reporting in certain situations. Under the CARES Act, banks may elect to deem that loan modifications do not result in TDRs if they are: (1) related to the novel coronavirus disease (“COVID-19”) pandemic; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the national emergency declared by the President under the National Emergencies Act with respect to COVID-19 (the “National Emergency”) or (B) December 31, 2020. With respect to past due and non-accrual loans, the CARES Act provides that financial institutions are not expected to designate loans with payment accommodations granted due to COVID-19 as past due or non-accrual if they were current on the date used to determine borrower’s delinquency status for the purpose of providing the deferment . Additionally, on April 7, 2020, a group of federal and state government banking agencies issued an Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) (the “Interagency Statement”) that offers some practical expedients for evaluating whether loan modifications that occur in response to the COVID-19 pandemic are TDRs. The Interagency Statement indicates that a lender can conclude that a borrower is not experiencing financial difficulty if either (1) short-term (e.g., six months or less) modifications are made in response to COVID-19, such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant related to loans in which the borrower is less than 30 days past due on its contractual payments at the time a modification program is implemented, or (2) the modification or deferral program is mandated by the federal government or a state government (e.g., a state program that requires all institutions within that state to suspend mortgage payments for a specified period). The Interagency Statement interprets, but does not suspend, ASC 310-40 as any loan modification made in response to the COVID-19 pandemic that meets either of these practical expedients would not be considered a TDR because the borrower is not experiencing financial difficulty. As provided for under the CARES Act, a financial institution may account for an eligible loan modification either under Section 4013 or in accordance with ASC Subtopic 310-40. The Interagency Statement provides that with respect to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral, and that “each financial institution should refer to the applicable regulatory reporting instructions, as well as its internal accounting policies, to determine if loans to stressed borrowers should be reported as non-accrual assets in regulatory reports.” However, during the short-term arrangements discussed in the Interagency Statement, these current loans generally should not be reported as non-accrual. CIT intends to apply the TDR provisions of the CARES Act on a product-type basis, or on a loan-by-loan basis, for eligible loan modifications. For eligible loans for which the CARES Act is not applied, CIT intends to follow the applicable guidance of the Interagency Statement. For such deferrals, CIT has elected to continue to recognize interest income (at a modified effective rate) subject to consideration of whether the loan should be placed on non-accrual status.
ASU 2016-13 Financial Instruments – Credit Losses (Topic 326)	ASU 2016-13 Financial Instruments – Credit Losses (Topic 326) On January 1, 2020, CIT adopted ASU 2016-13 Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2016-13 was adopted using a modified-retrospective approach with a cumulative-effect adjustment to the opening balance of retained earnings. As of January 1, 2020, retained earnings was decreased by $82.4 million due to the adoption of this new standard. Comparative prior period financial information was not adjusted and will continue to be reported under previously applicable accounting guidance.
Allowance Methodology	Allowance Methodology Topic 326 requires estimating and recognizing expected credit losses over the remaining expected life for applicable financial assets. However, the standard does not prescribe a specific credit loss methodology, requiring CIT to use judgment in determining the relevant information and estimation methods that are appropriate, as long as they are applied consistently over time. Determining an appropriate ACL requires significant judgment that may change based on management’s ongoing process for analyzing the credit quality of the Company’s loan portfolio. Loans are first bifurcated between commercial and consumer loans. CIT then estimates the ACL for financial assets with similar risk characteristics on a collective basis. A financial asset is measured individually only if it does not share similar risk characteristics with other financial assets. The ACL for AFS debt securities is estimated by using the discounted cash flow method, which reflects the differences between the amortized cost basis and the present value of the principal and interest cash flows expected to be collected. The ACL for loans is estimated by using a method other than a discounted cash flow method, and therefore reflects CIT’s expected credit losses on the amortized cost basis of the financial assets as of the reporting date. The estimate of ACL is based on relevant information about past events, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amounts. CIT utilizes a forecast that extends over the contractual term of the loans , and which CIT considers reasonable and supportable for the life of the loan. This forecast uses historical information and takes into consideration current conditions and economic expectations before converging to a long-run trend . The ACL is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net amount expected to be collected on the financial asset. At the reporting date, CIT records an ACL on the amortized cost of financial assets, including purchased financial assets. Any changes in the current estimate of the ACL from the estimated ACL previously recorded are reported in net income as provision for credit losses expense or reversal of provision for credit losses. Amortized cost basis is defined as the amount at which a loan or investment is originated or acquired, adjusted for applicable accrued interest, accretion, or amortization of premium, discount, and net deferred fees or costs, collection of cash, write-offs, foreign exchange, and fair value hedge accounting adjustments. Accrued interest is separately reported from the loan’s amortized cost basis as Accrued Interest Receivable within Other Assets. The total amount that is excluded from the amortized cost basis is disclosed in Note 3 – Loans. Commercial Loans With respect to commercial loans, the Company monitors various factors, including expected and historical losses and levels of, and trends in, past due loans, non-performing assets, collateral values and economic conditions. These risk factors are considered when Commercial Loans are graded according to the Company’s internal rating system with respect to probability of default (“PD”) and loss given default (“LGD”) (severity). The PD and severity are derived through historical observations of default and subsequent losses within each risk grading. Credit quality indicators used in determining risk ratings are monitored and updated at least annually. CECL models are employed to develop a lifetime PD which is used to establish the ACL for financial assets that are measured on a collective basis. These models utilize external and internal historical loan performance data together with historical macroeconomic data to identify correlations and select macro variables such as unemployment rate and gross domestic product growth rate that would be appropriate predictors of loan losses in the future to determine the ACL. See Note 3 – Loans Consumer Loans With respect to consumer loans, there are two main single family residential (“SFR”) loan portfolios – a consumer lending mortgage portfolio that includes new business originations and purchases, and a run-off portfolio that was acquired in 2015 as part of the OneWest acquisition (within the LCM division). For SFR loans, the Company monitors loan performance metrics, including delinquency and non-accrual status, and credit quality risk indicators such as the Loan-to-Value Ratio (“LTV”) of the underlying collateral and the credit score developed by the Fair, Isaac and Company (the “FICO score”) of borrowers excluding government insured loans (refer to Zero Loss Assumption section below). LTV refers to the ratio comparing the loan's unpaid principal balance to the property's current collateral value as an indicator of the potential loss severity in the event of default. The Company periodically updates the property values of real estate collateral (for home equity and residential mortgages) to calculate current LTV ratios, adjusted based on home price indices compiled by the Case-Shiller Home Price Indices, or more often if events require (e.g., a loan secured by the collateral is placed on non-accrual). The Company examines LTV migration and stratifies LTV into categories to monitor the risk in the loan classes. The borrower’s current or “refreshed” FICO score, which is obtained at least quarterly, is a secondary credit quality indicator for certain loans, as FICO scores are an indication of the borrower’s credit payment history. Thus, a loan to a borrower with a low FICO score (less than 660) is considered to be of higher risk than a loan to a borrower with a higher FICO score. Further, a loan to a borrower with a high LTV ratio and a low FICO score is at greater risk of default than a loan to a borrower that has both a high LTV ratio and a high FICO score. For consumer loans that are evaluated collectively, ACL and cash flow projections are developed with models that utilize historical loan performance data together with historical macroeconomic data to identify correlations and select macro variables that would be appropriate in estimating future loan losses. The macroeconomic variables considered include measurements of the regional economy, home price changes and unemployment rates, which may have an impact on credit quality. Refer to Note 3 – Loans Purchased Credit Deteriorated (“PCD”) Financial Assets PCD assets are acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by an acquirer’s assessment. A single asset can be deemed a PCD asset, or a group of assets acquired together that have similar risk characteristics can be classified as PCD assets. PCD assets are recorded at their purchase price plus the ACL expected at the time of acquisition, or “gross up” of the amortized cost basis. Day 1 ACL is established for these loans without an income statement effect. Any changes in the current estimate of the ACL after acquisition from the estimated ACL previously recorded are reported in net income as provision for credit losses expense or reversal of provision for credit losses in subsequent periods as they arise. A purchased financial asset that does not qualify as a PCD asset is accounted for similarly to originated assets, whereby an ACL is recognized with a corresponding increase to the income statement provision for credit losses. Determining which assets meet the PCD definition requires management’s judgment as there is no definition provided for “more-than-insignificant deterioration in credit quality”. Credit deterioration attributes such as credit risk ratings, FICO score, delinquency status and other standard indicators (i.e., TDR, non-accrual status, charge-offs and bankruptcy) are used to classify PCD assets either at the level of the individual asset or on the basis of a group or pool in an asset acquisition or business combination. In terms of CIT’s former purchased credit-impaired loans (“PCI”) under ASC 310-30, the Company elected to transition from pool level to loan level by using the undiscounted expected cash flows for each asset within the pool to allocate the respective non-credit discount pursuant to ASC 326-20. PCI assets became PCD assets via the re-characterization of existing non-accretable discount as ACL using the undiscounted contractual cash flows method at the loan level with no equity impact at transition. In transitioning from PCI to PCD, accrued interest was recognized separately from the loan balance given the Company’s accounting policy election not to measure an ACL on accrued interest receivable within other assets. Zero Loss Assumption Measurement of expected credit losses is not required for a financial asset or group of financial assets if historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation of nonpayment of the amortized cost basis of zero. Government-insured consumer loans (e.g., Federal Housing Administration (“FHA”)), U.S. treasury securities, U.S. government agency issued securities and certain commercial agency securities are within the scope of the zero loss assumption under CECL given these securities have the highest credit ratings, a long history of no credit losses, and are guaranteed by high credit quality entities. MOB Acquisition In connection with the MOB Acquisition, the Company incorporated MOB’s financial assets into CIT’s CECL framework. CIT was required to record an allowance for non-PCD assets with a corresponding increase to the income statement provision for credit losses. For acquired PCD loans, an allowance was required with a corresponding increase to the amortized cost basis as of the acquisition date. For PCD loans where all or a portion of the loan balance has been previously written-off, or would be subject to write-off under CIT’s charge-off policy, the CECL allowance included as part of the grossed-up loan balance at acquisition was immediately written-off, resulting in a zero period-end allowance balance and no impact on the ACL rollforward. Refer to Note 2 Acquisition and Discontinued Operations Other Allowance Factors With respect to loans transferred from held for investment (“HFI”) to assets held for sale (“AHFS”), prior to transfer to AHFS a write-down of the amortized cost basis is recognized with a charge to the provision for credit losses, to the extent the carrying value exceeds the fair value and the difference relates to credit quality. After the asset is transferred to AHFS, the amount by which the amortized cost basis exceeds fair value is accounted for as a valuation allowance in other income, and changes in valuation are included in the determination of net income of the period in which the change occurs. With respect to loans transferred from AHFS to HFI, any valuation allowance previously recorded on the AHFS is reversed through earnings prior to the transfer. CIT then reclassifies the loan into HFI at its amortized cost basis (which is reduced by any previous charge-offs but excludes any valuation allowance). After transferring back into HFI, the loan is evaluated in accordance with CIT’s normal credit review policies with any necessary ACL recognized with a corresponding increase to the income statement provision for credit losses. An approach similar to the ACL process is utilized to calculate the allowance for off-balance-sheet credit exposures related to unfunded loan commitments, letters of credit and deferred purchase agreements (“DPAs”). The allowance for off-balance-sheet credit exposures is maintained to absorb estimated credit losses related to these facilities and includes an assumption of the likelihood that funding will occur prior to an obligor defaulting. The allowance for off-balance-sheet credit exposures is recorded as a liability within other liabilities on the Consolidated Balance Sheets. Net adjustments to the allowance for off-balance-sheet credit exposures are included in the provision for credit losses. A loan or lease is determined to be collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. Collateral dependent loans and leases are recorded at their amortized cost basis. An ACL is established for an excess of amortized cost of collateral-dependent loans or leases over the fair value of the underlying collateral (less costs to sell, if applicable) at the reporting date. Collateral-dependent loans and leases are identified on a quarterly basis. The underlying collateral is primarily equipment and real estate. CECL requires that entities do not extend the contractual term for expected extensions, renewals, and modifications unless it has a reasonable expectation at the reporting date that it will execute a TDR with the borrower. In addition, extension or renewal options (excluding those that are accounted for as a derivative) that are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the entity are considered when determining the contractual term of a loan. Under CIT’s allowance methodology, CIT defines a TDR as reasonably expected when the Company has identified and approved a TDR for commercial loans and when CIT as a Lender has approved the terms of a trial modification for a borrower experiencing financial difficulty (i.e., typically the beginning of the trial period) for consumer loans. Borrower extension options exist exclusively in the Real Estate Finance division. The amount of the reserve required for these contracts is affected by (1) the size of the portfolio with extension options at the discretion of the borrower; (2) the length and number of extensions for which the borrower is eligible, and (3) the probability the borrower will elect and qualify for the extension.
Past Due and Non-Accrual Loans	Past Due and Non-Accrual Loans A loan is considered past due for financial reporting purposes if a default of contractual principal or interest exists for a period of 30 days or more. For consumer mortgage loans, under the Mortgage Bankers Association’s method of reporting delinquencies, a loan is delinquent if a monthly payment has not been received by the end of the day immediately preceding the loan’s next due date. All other loans use a method of reporting delinquencies that considers a loan delinquent if a monthly payment has not been received by the close of business on the loan’s next due date. Past due loans consist of loans that are still accruing interest as well as loans on non-accrual status. Loans are placed on non-accrual status when the financial condition of the borrower has deteriorated and payment in full of principal or interest is not expected or the scheduled payment of principal and interest has been delinquent for 90 days or more, unless the loan is both well secured and in the process of collection. The Company elected that at the time a loan is placed on non-accrual status (for Commercial Loans) or is contractually delinquent for 90 days
Individually Reviewed Loans	Individually Reviewed Loans CECL guidance provides that a financial asset is measured individually if it does not share similar risk characteristics with other financial assets. For CIT, loans which are identified to be individually reviewed under CECL typically would have been evaluated individually as impaired loans using accounting guidance in effect in periods prior to the adoption of CECL. Loans of $500 thousand or greater that are placed on non-accrual status are subject to periodic individual review by the Company’s problem loan management (“PLM”) function. The Company excludes certain loan portfolios from its individually reviewed loans disclosures as charge-offs are typically determined and recorded for such loans beginning at 90-150 days, depending on loan type, of contractual delinquency. These excluded loan portfolios include small-ticket loans, primarily in Business Capital, as well as short-term factoring receivables in Commercial Finance.
Charge-Offs on Loans	Charge-Offs on Loans Charge-offs on loans are recorded after considering such factors as the borrower’s financial condition, the value of underlying collateral and guarantees (including recourse to dealers and manufacturers), and the status of collection activities. Such charge-offs are deducted from the carrying value of the related loans. This policy is largely applicable in the loan classes within Commercial Banking. In general, charge-offs of large ticket commercial loans ($500 thousand or greater) are determined based on the facts and circumstances related to the specific loan and the underlying borrower and the use of judgment by the Company. Charge-offs of small ticket commercial loans are recorded beginning at 90-150 days, depending on loan type, of delinquency. Charge-offs of consumer loans are recorded beginning at 120 days of delinquency. The value of the underlying collateral will be considered when determining the charge-off amount if repossession is reasonably assured and in process. Charge-offs on the Company’s loans are reflected in the provision for credit losses. Expected recoveries of amounts previously written off and expected to be written off are included in CIT’s loss estimates as decreases to the ACL and the provision for credit losses. In some circumstances, the ACL for a specific portfolio or loan may be negative because the amount expected to be collected, including expected recoveries, exceeds the financial asset’s amortized cost basis. The negative ACL is limited to the amounts previously written off and expected to be written off by the Company. For acquired PCD loans where all or a portion of the loan balance had been charged off prior to acquisition, and for which active collection efforts are still underway, the CECL allowance included as part of the grossed-up loan balance at acquisition is immediately charged off if required by CIT’s existing charge off policy. Additionally, CIT is required to consider its existing policies in determining whether to charge off any financial assets, regardless of whether a charge-off was recorded by the predecessor company. The initial ACL recognized on PCD assets includes the gross-up of the loan balance reduced by immediate charge-offs for loans previously charged off by the predecessor company or which meet CIT’s charge-off policy on the date of acquisition. Charge-offs against the allowance related to such acquired PCD loans do not result in an income statement impact. See Note 4 – Allowance for Credit Losses
Investments	Investments Financial Assets with Collateral Maintenance Provisions The Company has elected to measure the ACL by comparing the amortized cost basis of the financial asset with the fair value of collateral at the reporting date. Such financial assets include reverse repurchase agreements that are collateralized by securities. The Company marks the collateral assets for these transactions on a daily basis and any change, (e.g. decrease in value of collateral), results in additional collateral being called such that the Company is not exposed to default risk of the counterparty. The collateral placed or received are High Quality Liquid Securities. This election may result in an estimate of zero expected credit losses when the collateral levels are required to be adjusted and replenished to be always equal to or greater than the amortized cost basis of the financial assets. The fair value of collateral is reviewed at each reporting period to ensure zero loss assumption is appropriately applied. Evaluating AFS Debt Securities for Credit Losses An unrealized loss exists when the current fair value of an individual debt security is less than its amortized cost basis. Debt securities classified as AFS that are in an unrealized loss position, which the Company does not intend to sell or is not likely to be required to sell, are evaluated to determine whether the decline in fair value has resulted from credit losses or other factors at the individual security level, if they do not qualify for zero-loss assumption. If evidence of credit loss exists, the present value of expected cash flows is compared with the amortized cost basis and an allowance is recorded as a deduction from the security balance, with a corresponding increase in the provision for credit losses, limited by the amount that the fair value is less than the amortized cost basis. Non-credit related impairment losses are recorded in Other Comprehensive Income (“OCI”). Any changes in the current estimate of the ACL from the estimated ACL previously recorded are reported in net income as provision for credit losses expense or reversal of provision for credit losses. Losses are charged against the ACL when the uncollectibility of an AFS debt security is confirmed by management. Change in the ACL due to changes in time value is reported as provision for credit losses. If the Company intends to sell the debt security, or more likely than not will be required to sell the security before recovery of its amortized cost basis, any existing ACL is written off and the amortized cost basis of the security is written down to the fair value at the reporting date with any incremental impairment reported in earnings. Accrued Interest Receivable on AFS The Company elected to present the accrued interest receivable balance separately within Other Assets. Accrued interest is excluded from both the fair value and the amortized cost basis of the AFS debt security for the purpose of identifying and measuring impairment. The Company elected not to measure an ACL for accrued interest receivable, rather, all previously accrued but uncollected interest is reversed and charged against interest income when the AFS security is deemed uncollectible by management.
Regulatory Capital	Regulatory Capital In March 2020, the OCC, FRB and Federal Deposit Insurance Corporation (“FDIC”) collectively issued an interim final rule on the Revised Transition of the Current Expected Credit Losses Methodology for Allowances (“Revised CECL Transition Rule”) for regulatory capital. See Note 13 – Regulatory Capital for more details
Other Newly Adopted Accounting Standards	Other Newly Adopted Accounting Standards In addition to ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) Note 1 – Business and Summary of Significant Accounting Policies • ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities . The adoption of this standard did not have a material impact on CIT’s consolidated financial statements and disclosures. • ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The adoption of this standard did not have a material impact on CIT’s consolidated financial statements and disclosures.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The following accounting pronouncements were issued by the FASB but are not yet effective for CIT. Standard Summary of Guidance Effect on CIT's Financial Statements ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting Issued March 2020 • The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. • The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. • For contract modifications, the amendments provide the optional relief of accounting for the modification as a continuation of the existing contract without additional analysis. In addition, companies can consider embedded features to be clearly and closely related to the host contract without reassessment. • For hedge accounting, entities can continue hedge accounting when certain critical terms of a hedging relationship change. Moreover, companies can perform some effectiveness assessments in ways that disregard certain potential sources of ineffectiveness. • For held-to-maturity (“HTM”) debt securities, entities have the optional relief of one-time sale and/or transfer to AFS or trading for HTM debt securities that both reference an eligible reference rate and were classified as HTM before January 1, 2020. • The ASU applies prospectively to contract modifications and hedging relationships. • Entities can apply the amendments in this update as of the beginning of the interim period that includes March 12, 2020 (January 1, 2020 for calendar year-end companies) or any date thereafter. However, the guidance will only be available for a limited time (generally through December 31, 2022). • The one-time election to sell and/or transfer debt securities classified as HTM may be made at any time after March 12, 2020. • CIT is currently evaluating the timing of the election of this standard, and its impact on the Company’s consolidated financial statements and disclosures. ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes Issued November 2019 • The amendments in this update add new guidance to simplify accounting for income taxes, change the accounting for certain income tax transactions and make minor improvements to the codification. • The amendments in this Update have different transition requirements depending on the topic. • Effective for CIT as of January 1, 2021. Early adoption is permitted. • Although CIT is currently evaluating the impact of this standard, the Company does not anticipate a material impact on its consolidated financial statements and disclosures.
Litigation and other Contingencies	Litigation and other Contingencies CIT is involved, and from time to time in the future may be involved, in a number of pending and threatened judicial, regulatory, and arbitration proceedings as well as proceedings, investigations, examinations and other actions brought or considered by governmental and self-regulatory agencies. These matters arise in connection with the conduct of CIT’s business. At any given time, CIT may also be in the process of responding to subpoenas, requests for documents, data and testimony relating to such matters and engaging in discussions to resolve the matters (all of the foregoing collectively being referred to as “Litigation”). While most Litigation relates to individual claims, CIT is also subject to putative class action claims and similar broader claims and indemnification obligations. In view of the inherent difficulty of predicting the outcome of Litigation matters and indemnification obligations, particularly when such matters are in their early stages or where the claimants seek indeterminate damages, CIT cannot state with confidence what the eventual outcome of the pending Litigation will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines, or penalties related to each pending matter will be, if any. In accordance with applicable accounting guidance, CIT establishes reserves for Litigation when those matters present loss contingencies as to which it is both probable that a loss will occur and the amount of such loss can be reasonably estimated. Based on currently available information, CIT believes that the outcome of Litigation that is currently pending will not have a material adverse effect on the Company’s financial condition, but may be material to the Company’s operating results or cash flows for any particular period, depending in part on its operating results for that period. The actual results of resolving such matters may be substantially higher than the amounts reserved. For certain Litigation matters in which the Company is involved, the Company is able to estimate a range of reasonably possible losses in excess of established reserves and insurance. For other matters for which a loss is probable or reasonably possible, such an estimate cannot be determined. For Litigation and other matters where losses are reasonably possible, management currently estimates the aggregate range of reasonably possible losses as up to $35 million in excess of any established reserves and any insurance we reasonably believe we will collect related to those matters. This estimate represents reasonably possible losses (in excess of established reserves and insurance) over the life of such Litigation, which may span a currently indeterminable number of years, and is based on information currently available as of March 31, 2020. The Litigation matters underlying the estimated range will change from time to time, and actual results may vary significantly from this estimate. Those Litigation matters for which an estimate is not reasonably possible or as to which a loss does not appear to be reasonably possible, based on current information, are not included within this estimated range and, therefore, this estimated range does not represent the Company’s maximum loss exposure. The foregoing statements about CIT’s Litigation are based on the Company’s judgments, assumptions, and estimates and are necessarily subjective and uncertain. The Company has several hundred threatened and pending judicial, regulatory and arbitration proceedings at various stages. One of the Company’s significant Litigation matters is described below.

Acquisition and Discontinued _2

Acquisition and Discontinued Operations (Tables) - MOB	3 Months Ended
	Mar. 31, 2020
Consideration and Net Assets Acquired	Consideration and Net Assets Acquired (dollars in millions) Purchase price $ 993.1 Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value Assets Cash and interest-bearing cash $ 123.1 Investment securities 1,717.6 Loans 6,297.9 Other assets 199.5 Total assets $ 8,338.1 Liabilities Deposits $ 6,992.9 Securities sold under agreements to repurchase 193.2 Other liabilities 93.1 Borrowings 290.0 Total liabilities $ 7,569.2 Total fair value of identifiable net assets 768.9 Intangible assets 102.6 Goodwill $ 121.6
Summary of Loan Valuations by Division in Each Segment	The following table presents the loan valuations by division in each segment. Loans (dollars in millions) UPB Fair Value Commercial Banking Commercial Finance $ 2,316.4 $ 2,249.4 Real Estate Finance 2,107.3 2,106.4 Consumer Banking Consumer and Community Banking 1,926.7 1,942.1 Total loans $ 6,350.4 $ 6,297.9
Summary of Key Valuation Input Assumptions by Division	The table below summarizes the key valuation input assumptions by division for the acquired loans, excluding the individually impaired loans: Discount Rate Severity Rate Prepayment Rate Default Rate Loan portfolio Range Weighted Avg. Range Weighted Avg. Range Weighted Avg. Range Weighted Avg. Commercial Banking Commercial Finance 3.25% -15.50% 4.33% 15.00% - 60.00% 18.59% 1.25% - 26.75% 17.99% 0.25% - 7.00% 1.90% Real Estate Finance 3.25% - 5.50% 3.86% 15.00% - 30.00% 18.37% 0.50% - 26.75% 17.77% 0.10% - 7.00% 2.67% Consumer Banking Consumer and Community Banking 2.50% - 6.75% 3.42% 5.00% - 35.00% 9.95% 1.50% - 30.0% 21.93% 0.05% - 7.00% 0.33%
Summary of Intangible Assets Recorded in Conjunction with MOB Transaction	The following table presents the intangible assets recorded in conjunction with the MOB Transaction related to the valuation of core deposits, customer relationships and trade name. Intangible Assets (dollars in millions) Fair Value Estimated Useful Life Amortization Method Core deposit intangibles $ 96.1 10 years Straight line Customer relationships 3.5 10 years Accelerated Trade name 3.0 10 years Straight line Total intangible assets $ 102.6
Selected Unaudited Pro Forma Financial Information	Selected Unaudited Pro Forma Financial Information for Consolidated CIT (dollars in millions) Quarters Ended March 31, 2020 2019 Interest income $ 513.6 $ 601.1 Non-interest income 340.4 318.9 Net (loss) income $ (577.1 ) $ 127.0

Loans (Tables)

Loans (Tables)	3 Months Ended
	Mar. 31, 2020
Schedule of Loans by Product	The following tables and data as of March 31, 2020 include the loan balances acquired in the MOB Transaction, which were recorded at fair value on the acquisition date. See Note 2 — Acquisition and Discontinued Operations Unless otherwise noted, loans held for sale are not included. Loans by Product (dollars in millions) March 31, 2020 December 31, 2019 Commercial loans $ 28,445.3 $ 22,765.1 Financing Leases and Leverage Leases 2,251.5 2,254.4 Total commercial 30,696.8 25,019.5 Consumer loans 7,833.6 5,979.4 Total loans $ 38,530.4 $ 30,998.9
Schedule Of Loans By Segment, Based On Obligor Location	The following table presents loans by segment, based on obligor location: Loans (dollars in millions) March 31, 2020 December 31, 2019 Domestic Foreign Total Domestic Foreign Total Commercial Banking $ 28,414.2 $ 1,608.5 $ 30,022.7 $ 22,866.0 $ 1,527.4 $ 24,393.4 Consumer Banking (1) 8,507.7 — 8,507.7 6,605.5 — 6,605.5 Total $ 36,921.9 $ 1,608.5 $ 38,530.4 $ 29,471.5 $ 1,527.4 $ 30,998.9 (1)
Components Of Net Investment	The following table presents selected components of the net investment in loans: Components of Net Investment (dollars in millions) March 31, December 31, 2020 2019 Unearned income $ (440.2 ) $ (430.0 ) Unamortized premiums / (discounts) (550.4 ) 30.0 Accretable yield on PCI loans — (745.4 ) Net unamortized deferred costs and (fees) (1) 49.7 50.9 (1 )
Loans - Delinquency Status	Past Due and Non-accrual Loans— For additional information on reporting of past due and non-accrual loans, see discussion of the CARES Act and Interagency Statement in Note 1 – Business and Summary of Significant Accounting Policies The table that follows presents portfolio delinquency status, regardless of accrual/non-accrual classification: Loans - Delinquency Status (dollars in millions) Past Due Total 30-59 60-89 90 or more Past Due Current PCI Loans (1) Total (2) March 31, 2020 Commercial Banking Commercial Finance $ 70.7 $ 1.8 $ 60.9 $ 133.4 $ 17,059.9 $ — $ 17,193.3 Real Estate Finance 21.0 1.5 0.9 23.4 7,693.5 — 7,716.9 Business Capital 129.3 34.1 25.2 188.6 4,863.2 — 5,051.8 Rail — — — — 60.7 — 60.7 Total Commercial Banking 221.0 37.4 87.0 345.4 29,677.3 — 30,022.7 Consumer Banking Legacy Consumer Mortgages 120.1 25.2 59.7 205.0 1,887.4 — 2,092.4 Consumer and Community Banking 42.3 5.6 10.3 58.2 6,357.1 — 6,415.3 Total Consumer Banking 162.4 30.8 70.0 263.2 8,244.5 — 8,507.7 Total $ 383.4 $ 68.2 $ 157.0 $ 608.6 $ 37,921.8 $ — $ 38,530.4 December 31, 2019 Commercial Banking Commercial Finance $ 58.7 $ 27.8 $ 49.0 $ 135.5 $ 13,777.3 $ — $ 13,912.8 Real Estate Finance 0.6 46.6 — 47.2 5,307.5 27.8 5,382.5 Business Capital 113.8 35.0 22.0 170.8 4,867.7 — 5,038.5 Rail — — — — 59.6 — 59.6 Total Commercial Banking 173.1 109.4 71.0 353.5 24,012.1 27.8 24,393.4 Consumer Banking Legacy Consumer Mortgages 15.5 3.3 17.7 36.5 795.2 1,249.8 2,081.5 Consumer and Community Banking 16.4 3.3 7.6 27.3 4,496.7 — 4,524.0 Total Consumer Banking 31.9 6.6 25.3 63.8 5,291.9 1,249.8 6,605.5 Total $ 205.0 $ 116.0 $ 96.3 $ 417.3 $ 29,304.0 $ 1,277.6 $ 30,998.9 (1) (2)
Loans On Non-accrual Status	The following table sets forth non-accrual loans, assets received in satisfaction of loans (OREO and repossessed assets) and loans 90 days or more past due and still accruing. Loans on Non-Accrual Status (dollars in millions) (2)(3 ) December 31, 2019 Legacy CIT ( 6 ) MOB Acquisition January 1, 2020 March 31, 2020 With No Allowance Recorded (4) Commercial Banking Commercial Finance (1) $ 246.7 $ — $ 61.1 $ 307.8 $ 229.8 $ 35.1 Business Capital 60.9 — — 60.9 65.7 4.4 Real Estate Finance 0.4 0.6 — 1.0 1.5 — Total Commercial Banking 308.0 0.6 61.1 369.7 297.0 39.5 Consumer Banking Consumer and Community Banking 4.0 — 7.2 11.2 7.0 2.1 Legacy Consumer Mortgages (5) 14.3 81.6 — 95.9 77.8 10.4 Total Consumer Banking 18.3 81.6 7.2 107.1 84.8 12.5 Total $ 326.3 $ 82.2 $ 68.3 $ 476.8 $ 381.8 $ 52.0 Repossessed assets and OREO 20.1 20.6 Total non-performing assets $ 346.4 $ 402.4 Commercial loans past due 90 days or more accruing 25.6 7.4 Consumer loans past due 90 days or more accruing 11.3 11.5 Total accruing loans past due 90 days or more $ 36.9 $ 18.9 (1) (2) (3) (4) (5) (6) egacy CIT is before the MOB Acquisition, detail of which is separately disclosed.
Schedule of Loans in Process of Foreclosure	Loans are in the process of foreclosure when repayment is expected to be provided substantially through the sale of the underlying real estate and the borrower is experiencing financial difficulty. The table below summarizes the residential mortgage loans in the process of foreclosure. In March 2020, CIT has suspended residential property foreclosures and evictions for at least 60 days to single family homeowners due to the coronavirus national emergency to align with government agency guidance. Loans in Process of Foreclosure (dollars in millions) March 31, December 31, 2020 2019 Loans in process of foreclosure (1) $ 27.3 $ 38.9 (1)
Impaired Loans	The following table contains prior period information about impaired loans and the related allowance for loan losses by class, pre-adoption of CECL. CECL did not carry forward the concept of impaired loans, therefore only the prior period is presented. PCI loans, which were excluded from impaired loan balances, included loans that were identified as impaired at the date of the OneWest Transaction (the “Acquisition Date”) for which the Company is applying the income recognition and disclosure guidance in ASC 310-30 ( Loans and Debt Securities Acquired with Deteriorated Credit Quality Loans Acquired with Deteriorated Credit Quality Impaired Loans (dollars in millions) Average Recorded Investment December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Year Ended December 31, 2019 (2) With no related allowance recorded: Commercial Banking Commercial Finance $ 46.5 $ 69.0 $ — $ 68.0 Business Capital 4.8 5.5 — 6.0 Real Estate Finance — — — 1.6 Consumer Banking Consumer and Community Banking 4.0 4.0 — 4.9 Legacy Consumer Mortgages 20.6 22.4 — 24.7 With an allowance recorded: Commercial Banking Commercial Finance 223.9 267.3 86.0 166.6 Business Capital 19.4 19.4 10.0 11.6 Real Estate Finance — — — 0.8 Consumer Banking Consumer and Community Banking 0.1 0.2 — — Legacy Consumer Mortgages 1.4 1.4 0.2 0.4 Total Impaired Loans (1) 320.7 389.2 96.2 284.6 Total Loans Impaired at Acquisition Date 1,277.6 1,936.1 17.4 1,504.4 Total $ 1,598.3 $ 2,325.3 $ 113.6 $ 1,789.0 (1) ( 2 )
Purchased Credit Impaired Loans With Deteriorated Credit Quality	PCD Loans during the quarter ended March 31, 2020 (dollars in millions) Commercial Banking Consumer Banking Total Par Value (UPB) $ 347.8 $ 58.4 $ 406.2 Allowance for Credit Losses (1) (56.1 ) (2.7 ) (58.8 ) (Discount) Premium (9.0 ) 2.4 (6.6 ) Purchase Price $ 282.7 $ 58.1 $ 340.8 (1) Pre-adoption of CECL, the Company applied the income recognition and disclosure guidance in ASC 310-30 to loans that were identified as PCI as of the Acquisition Date. PCI loans were initially recorded at estimated fair value with no allowance for loan losses carried over, since the initial fair values reflected credit losses expected to be incurred over the remaining lives of the loans. The acquired loans are subject to the Company’s internal credit review. See Note 4 — Allowance for Credit Losses. PCI Loans (dollars in millions) December 31, 2019 Carrying Value Unpaid Principal Balance Allowance for Loan Losses Commercial Banking Real Estate Finance $ 27.8 $ 30.4 $ 9.8 Consumer Banking Legacy Consumer Mortgages 1,249.8 1,905.7 7.6 $ 1,277.6 $ 1,936.1 $ 17.4
Schedule Of Changes To The Accretable Yield For PCI Loans	Changes in the accretable yield for PCI loans are summarized below. Prior to 2020, the changes in the accretable yield was presented for PCI loans. Due to CECL, PCI accounting was eliminated and superseded by PCD guidance . Change in Accretable Yield (dollars in millions) Quarter Ended March 31, 2019 Balance, beginning of period $ 903.8 Accretion into interest income (40.7 ) Reclassification from non-accretable difference 2.4 Disposals and Other (1.9 ) Balance, end of period $ 863.6
Schedule Of Recorded Investments For TDRs	The following table presents recorded investment of TDRs, excluding those within a trial modification period of $1.5 million at March 31, 2020 and $5.5 million at December 31, 2019, and those previously classified as PCI at December 31, 2019: TDRs (dollars in millions) March 31, 2020 December 31, 2019 Recorded Investment % Total TDR Recorded Investment % Total TDR Commercial Banking $ 123.1 86 % $ 129.5 87 % Consumer Banking 19.6 14 % 19.3 13 % Total $ 142.7 100 % $ 148.8 100 % Percent non-accrual 72 % 71 % Modifications (dollars in millions) Quarters Ended March 31, 2020 2019 Recorded investment related to modifications qualifying as TDRs that occurred during the quarters $ 51.4 $ 10.0 Recorded investment at the time of default of TDRs that experienced a payment default (payment default is one missed payment) during the quarters and for which the payment default occurred within one year of the modification $ 0.7 $ 0.8
Commercial Loans
Loans - By Risk Rating	Management monitors credit quality of commercial loans based upon risk rating consistent with bank regulatory guidance and consumer loans based upon LTV and FICO score. The following table summarizes commercial loans disaggregated by year of origination and by risk rating. The consumer loan LTV ratios and FICO scores by year of origination are also presented below. In accordance with CIT’s policy election not to measure an ACL for accrued interest, accrued interest receivable (within other assets) is separately reported from the loan’s amortized cost basis. Following the Company’s adoption of CECL, prior period risk rating disclosures were not conformed to current disclosure requirements and will continue to be reported under previously applicable accounting guidance. Commercial Loans — Risk Rating by Class (dollars in millions) Revolving Loans Converted Revolving to Term Loans Loans March 31, 2020 Term Loans Amortized Cost Basis by Origination Year Amortized Amortized 2015 & Cost Cost Grade 2020 2019 2018 2017 2016 Prior Basis Basis Total (1) Commercial Finance Pass $ 2,714.0 $ 3,256.1 $ 2,903.2 $ 1,080.7 $ 518.6 $ 1,350.1 $ 3,572.5 $ 98.2 $ 15,493.4 Special Mention 54.2 68.1 86.7 54.0 27.7 139.6 257.2 5.8 693.3 Classified-accrual 27.8 18.9 27.2 152.3 69.0 238.3 241.7 1.6 776.8 Classified-non-accrual — — 58.5 15.6 30.8 82.3 42.6 — 229.8 Total Commercial Finance 2,796.0 3,343.1 3,075.6 1,302.6 646.1 1,810.3 4,114.0 105.6 17,193.3 Real Estate Finance Pass 574.1 2,300.8 1,712.7 907.6 789.7 909.7 56.6 — 7,251.2 Special Mention — 109.0 59.0 167.6 26.4 49.0 — — 411.0 Classified-accrual — 3.2 9.0 28.6 3.6 8.8 — — 53.2 Classified-non-accrual — — 0.3 — — 1.2 — — 1.5 Total Real Estate Finance 574.1 2,413.0 1,781.0 1,103.8 819.7 968.7 56.6 - 7,716.9 Business Capital Pass 564.4 1,845.7 1,192.0 546.3 230.1 70.4 18.0 0.6 4,467.5 Special Mention 16.9 98.8 83.3 38.7 23.9 4.0 — — 265.6 Classified-accrual 8.9 87.2 83.4 46.6 20.5 6.4 — — 253.0 Classified-non-accrual 0.1 13.9 17.4 23.3 7.7 3.3 — — 65.7 Total Business Capital 590.3 2,045.6 1,376.1 654.9 282.2 84.1 18.0 0.6 5,051.8 Rail Pass — 0.9 — — 3.2 56.6 — — 60.7 Total Rail — 0.9 — — 3.2 56.6 — — 60.7 Commercial Banking Pass $ 3,852.5 $ 7,403.5 $ 5,807.9 $ 2,534.6 $ 1,541.6 $ 2,386.8 $ 3,647.1 $ 98.8 $ 27,272.8 Special Mention 71.1 275.9 229.0 260.3 78.0 192.6 257.2 5.8 1,369.9 Classified-accrual 36.7 109.3 119.6 227.5 93.1 253.5 241.7 1.6 1,083.0 Classified-non-accrual 0.1 13.9 76.2 38.9 38.5 86.8 42.6 — 297.0 Total Commercial Banking 3,960.4 7,802.6 6,232.7 3,061.3 1,751.2 2,919.7 4,188.6 106.2 30,022.7 Consumer Banking - Consumer and Community Banking (Primarily SBA Loans) Pass 50.4 202.3 118.5 90.7 62.9 90.8 10.0 — 625.6 Special Mention — 1.0 2.0 0.5 — 3.0 — — 6.5 Classified-accrual — 1.4 7.6 8.8 6.0 17.2 0.3 — 41.3 Classified-non-accrual — — — 0.2 — 0.5 — — 0.7 Total Consumer Banking 50.4 204.7 128.1 100.2 68.9 111.5 10.3 - 674.1 Total $ 4,010.8 $ 8,007.3 $ 6,360.8 $ 3,161.5 $ 1,820.1 $ 3,031.2 $ 4,198.9 $ 106.2 $ 30,696.8 (1) Commercial Loans — Risk Rating by Class (dollars in millions) Grade: Pass Special Mention Classified- accrual Classified- non-accrual PCI Loans (1) Total December 31, 2019 Commercial Banking Commercial Finance $ 12,601.1 $ 450.7 $ 614.3 $ 246.7 $ — $ 13,912.8 Real Estate Finance 5,007.0 341.0 6.3 0.4 27.8 5,382.5 Business Capital 4,527.5 233.1 217.0 60.9 — 5,038.5 Rail 59.6 — — — — 59.6 Total Commercial Banking 22,195.2 1,024.8 837.6 308.0 27.8 24,393.4 Consumer Banking Consumer and Community Banking - Primarily SBA Loans 589.6 2.4 33.9 0.2 — 626.1 Total Consumer Banking 589.6 2.4 33.9 0.2 — 626.1 Total $ 22,784.8 $ 1,027.2 $ 871.5 $ 308.2 $ 27.8 $ 25,019.5 (1) PCI Loans had $20.7 million of non-criticized loans and $7.1 million of criticized loans (special mention or classified).
Consumer Loans
Loans - By Risk Rating	The following table provides a summary of the consumer loan LTV distribution and the covered loans held for investment balances for primarily single-family residential (“ SFR ”) mortgage loans . The average LTV was 61% and 63% for the t otal c onsumer l oans included below at March 31, 2020 and December 31, 2019 , respectively . Following the Company’s adoption of CECL, the comparative prior period financial information was not adjusted for the Consumer Loan LTV Distribution and will continue to be reported under previously applicable accounting guidance. Consumer Loan LTV Distribution (dollars in millions) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Revolving Loans Converted to Term Loans Amortized Cost LTV Range 2020 2019 2018 2017 2016 2015 & Prior Basis Basis Total (4) As of March 31, 2020 Legacy Consumer Mortgages Greater than 125% $ — $ — $ — $ — $ — $ 57.4 $ — $ 0.4 $ 57.8 101% – 125% — — — — — 94.3 — 1.1 95.4 80% – 100% — — — — — 303.4 — 4.7 308.1 Less than 80% — — — — — 1,553.4 — 26.9 1,580.3 Government-guaranteed (1) — — — — — 23.8 — — 23.8 No LTV available (2) — — — — — 3.8 — 23.2 27.0 Total Legacy Consumer Mortgages — — — — — 2,036.1 — 56.3 2,092.4 Consumer and Community Banking Greater than 125% — — — — — — 0.4 — 0.4 80% – 100% 15.2 68.5 26.5 3.3 0.3 1.7 3.0 — 118.5 Less than 80% 338.2 1,636.0 880.7 807.9 507.8 1,156.9 15.3 9.2 5,352.0 Government-guaranteed (1) 0.8 50.1 23.0 92.8 11.1 8.4 — — 186.2 No LTV available (2) 0.1 0.1 0.1 0.4 0.2 5.8 44.3 9.8 60.8 No LTV required (3) — 1.3 1.1 0.5 0.9 15.4 4.1 — 23.3 Total Consumer and Community Banking 354.3 1,756.0 931.4 904.9 520.3 1,188.2 67.1 19.0 5,741.2 Total Consumer Loans (4) $ 354.3 $ 1,756.0 $ 931.4 $ 904.9 $ 520.3 $ 3,224.3 $ 67.1 $ 75.3 $ 7,833.6 (1 ) (2) (3) (4) Consumer Loan LTV Distribution (dollars in millions) Covered Loans (2) Non-covered Loans Total Consumer LTV Range Non-PCI PCI Non-PCI PCI Loans December 31, 2019 Greater than 125% $ — $ 2.8 $ 5.2 $ 53.2 $ 61.2 101% – 125% — 8.5 6.6 93.0 108.1 80% – 100% 0.3 48.1 183.4 239.3 471.1 Less than 80% 307.5 234.3 4,225.5 570.6 5,337.9 Not Applicable (1) — — 1.1 — 1.1 Total $ 307.8 $ 293.7 $ 4,421.8 $ 956.1 $ 5,979.4 (1) (2) The following table provides a summary of the FICO score distribution for consumer loans by origination year and revolving loans. The average FICO score was 752 and 751 for the total consumer loans included below at March 31, 2020 and December 31, 2019, respectively. Current FICO Score Distribution (dollars in millions) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized Cost Revolving Loans Converted to Term Loans Amortized Cost Current FICO Score 2020 2019 2018 2017 2016 2015 & Prior Basis Basis Total (4) As of March 31, 2020 Legacy Consumer Mortgages Greater than or equal to 730 $ — $ — $ — $ — $ — $ 784.6 $ — $ 24.3 $ 808.9 Greater than or equal to 660 and less than 730 — — — — — 639.5 — 18.4 657.9 Less than 660 — — — — — 538.3 — 13.0 551.3 Government-guaranteed (1) — — — — — 23.8 — - 23.8 No FICO score available (2) — — — — — 49.9 — 0.6 50.5 Total Legacy Consumer Mortgages — — — — — 2,036.1 — 56.3 2,092.4 Consumer and Community Banking Greater than or equal to 730 306.7 1,460.3 786.7 741.9 452.9 931.4 46.8 12.9 4,739.6 Greater than or equal to 660 and less than 730 45.7 229.5 105.7 59.3 45.9 151.1 12.6 3.7 653.5 Less than 660 1.0 13.7 13.6 8.4 8.0 60.7 4.4 2.3 112.1 Government-guaranteed (1) 0.8 50.1 23.0 92.8 11.1 8.4 — — 186.2 No FICO score available (2) — 1.5 1.4 2.0 1.5 21.4 2.2 0.1 30.1 FICO score not required (3) 0.1 0.9 1.0 0.5 0.9 15.2 1.1 — 19.7 Total Consumer and Community Banking 354.3 1,756.0 931.4 904.9 520.3 1,188.2 67.1 19.0 5,741.2 Total Consumer Loans (4) $ 354.3 $ 1,756.0 $ 931.4 $ 904.9 $ 520.3 $ 3,224.3 $ 67.1 $ 75.3 $ 7,833.6 (1) (2) (3) (4) Current FICO Score Distribution (dollars in millions) Covered Loans (3) Non-covered Loans Total Consumer FICO Range Non-PCI PCI Non-PCI PCI Loans December 31, 2019 Legacy Consumer Mortgages Greater than or equal to 730 $ 202.2 $ 98.6 $ 320.0 $ 252.5 $ 873.3 Greater than or equal to 660 and less than 730 71.3 98.8 123.2 324.7 618.0 Less than 660 16.8 89.8 51.0 370.5 528.1 Government-guaranteed (1) — — 24.5 — 24.5 No FICO score available (2) 17.5 6.5 5.2 8.4 37.6 Total Legacy Consumer Mortgages 307.8 293.7 523.9 956.1 2,081.5 Consumer and Community Banking Greater than or equal to 730 — — 3,319.0 — 3,319.0 Greater than or equal to 660 and less than 730 — — 332.6 — 332.6 Less than 660 — — 29.6 — 29.6 Government-guaranteed (1) — — 193.8 — 193.8 No FICO score available — — 21.8 — 21.8 FICO score not required (2) — — 1.1 — 1.1 Total Consumer and Community Banking — — 3,897.9 — 3,897.9 Total Consumer Banking $ 307.8 $ 293.7 $ 4,421.8 $ 956.1 $ 5,979.4 (1) (2) (3)

Allowance For Credit Losses (Ta

Allowance For Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2020
Credit Loss [Abstract]
Schedule of Allowance for Credit Losses and Recorded Investment in Finance Receivables	Allowance for Credit Losses and Recorded Investment in Loans (dollars in millions) Commercial Banking Consumer Banking Total Commercial Banking Consumer Banking Total Quarter Ended March 31, 2020 Quarter Ended March 31, 2019 Balance - beginning of period $ 460.4 $ 22.2 $ 482.6 $ 460.2 $ 29.5 $ 489.7 Legacy CIT (1) 74.7 148.9 223.6 - - - Provision for credit losses (3) 508.9 5.0 513.9 35.1 (2.1 ) 33.0 The initial ACL recognized on PCD assets (2) 18.8 1.4 20.2 - - - Other ( 4 ) (73.4 ) (2.2 ) (75.6 ) (1.3 ) (0.3 ) (1.6 ) Gross charge-offs ( 2 ) (60.8 ) (2.2 ) (63.0 ) (38.9 ) (0.7 ) (39.6 ) Recoveries 9.0 0.4 9.4 5.7 0.3 6.0 Balance - end of period $ 937.6 $ 173.5 $ 1,111.1 $ 460.8 $ 26.7 $ 487.5 Commercial Banking Consumer Banking Total Allowance Balance at December 31, 2019 Loans individually evaluated for impairment $ 96.0 $ 0.2 $ 96.2 Loans collectively evaluated for impairment 354.6 14.4 369.0 Loans acquired with deteriorated credit quality ( 5 ) 9.8 7.6 17.4 Allowance for credit losses $ 460.4 $ 22.2 $ 482.6 Other reserves (1) $ 36.4 $ 0.7 $ 37.1 Loans at December 31, 2019 Loans individually evaluated for impairment $ 294.6 $ 26.1 $ 320.7 Loans collectively evaluated for impairment 24,071.0 5,329.6 29,400.6 Loans acquired with deteriorated credit quality ( 5 ) 27.8 1,249.8 1,277.6 Ending balance $ 24,393.4 $ 6,605.5 $ 30,998.9 Percent of loans to total loans 78.7 % 21.3 % 100.0 % (1) (2) (3) (4) (5)

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Supplemental Balance Sheet and Cash Flow Information Related to Leases	The following tables present supplemental balance sheet and cash flow information related to operating leases. ROU assets are included in Other assets and lease liabilities are included in Other liabilities. Supplemental Lease Balance Sheet Information (dollars in millions) March 31, December 31, 2020 2019 ROU assets $ 232.4 $ 194.9 Lease liabilities 280.6 242.6 Supplemental Cash Flow Information (dollars in millions): Quarters Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities $ 13.9 $ 10.2 ROU assets obtained in exchange for new lease liabilities 5.6 -
Schedule of Lease Income Related to Company's Operating and Finance Leases	The table that follows presents lease income related to the Company’s operating and finance leases: Lease Income (dollars in millions) Quarters Ended March 31, 2020 2019 Lease income – Operating leases $ 197.8 $ 203.3 Variable lease income – Operating leases (1) 12.0 14.4 Rental income on operating leases 209.8 217.7 Interest income - Sales type and direct financing leases 43.7 49.2 Variable lease income included in Other non-interest income (2) 10.9 11.5 Leveraged lease income 2.6 1.9 Total lease income $ 267.0 $ 280.3 (1) (2)

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Schedule of Carrying Value of Investment Securities	Carrying Value of Investment Securities (dollars in millions) March 31, December 31, 2020 2019 Available-for-sale Securities Debt securities $ 5,854.7 $ 6,011.8 Securities carried at fair value with changes in net income Equity securities - 47.2 Non-marketable securities (1) 273.9 217.8 Total investment securities $ 6,128.6 $ 6,276.8 (1 ) Non-marketable investments include restricted stock of the FRB and FHLB carried at cost of $240.1 million and $187.9 million at March 31, 2020 and December 31, 2019, respectively. The remaining non-marketable investments without readily determinable fair values measured under the measurement exception totaled $33.8 million and $29.9 million at March 31, 2020 and December 31, 2019, respectively.
Schedule of Interest and Dividend Income	The following table presents interest and dividends on investments and interest-bearing cash. Interest and Dividend Income (dollars in millions) Quarters Ended March 31, 2020 2019 Interest income - debt securities (1) $ 39.2 $ 48.0 Interest income - interest-bearing cash 5.6 14.5 Dividends - equity securities 1.2 2.7 Total interest and dividends $ 46.0 $ 65.2 (1) Includes interest income on securities purchased under agreement to resell.
Amortized Cost and Fair Value of Securities Available-For-Sale	The following table presents amortized cost and fair value of securities AFS. Amortized Cost and Fair Value (dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2020 Debt securities AFS Mortgage-backed securities U.S. government/sponsored agency – Residential $ 4,259.0 $ 135.2 $ (2.2 ) $ 4,392.0 U.S. government/sponsored agency – Commercial 1,119.5 37.7 (0.6 ) 1,156.6 U.S. government/sponsored agency obligations 228.5 0.8 — 229.3 U.S. Treasury securities 9.3 — — 9.3 Agency asset-backed securities 1.8 — — 1.8 Corporate bonds – foreign (1) 65.9 — (0.2 ) 65.7 Total debt securities AFS $ 5,684.0 $ 173.7 $ (3.0 ) $ 5,854.7 December 31, 2019 Debt securities AFS Mortgage-backed securities U.S. government/sponsored agency – Residential $ 4,766.4 $ 24.1 $ (16.7 ) $ 4,773.8 U.S. government/sponsored agency – Commercial 554.5 12.1 (1.8 ) 564.8 U.S. government/sponsored agency obligations 449.4 — (5.4 ) 444.0 U.S. Treasury securities 11.2 0.1 — 11.3 Supranational securities 149.8 — — 149.8 State & municipal bonds 1.0 — — 1.0 Corporate bonds - foreign 65.9 1.2 — 67.1 Total debt securities AFS $ 5,998.2 $ 37.5 $ (23.9 ) $ 6,011.8 (1 ) There was an immaterial amount of ACL under CECL as of March 31, 2020.
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity Dates	The following table presents the debt securities AFS by contractual maturity dates. Maturities - (dollars in millions) March 31, 2020 Amortized Cost Fair Value Weighted Average Yield Mortgage-backed securities — U.S. government/sponsored agency – Residential After 5 through 10 years $ 9.7 $ 10.2 2.67 % Due after 10 years 4,249.3 4,381.8 2.60 % Total 4,259.0 4,392.0 2.60 % Mortgage-backed securities — U.S. government/sponsored agency – Commercial After 1 through 5 years 17.0 17.4 2.95 % After 5 through 10 years 362.3 388.6 2.81 % Due after 10 years 740.2 750.6 2.30 % Total 1,119.5 1,156.6 2.48 % U.S. government/sponsored agency obligations After 5 through 10 years 118.2 118.8 2.69 % Due after 10 years 110.3 110.5 2.78 % Total 228.5 229.3 2.73 % U.S. Treasury securities Due in 1 year or less 4.3 4.3 2.48 % After 1 through 5 years 5.0 5.0 0.53 % Total 9.3 9.3 1.44 % Agency asset-backed securities Due after 10 years 1.8 1.8 2.24 % Total 1.8 1.8 2.24 % Corporate bonds — foreign Due in 1 year or less 65.9 65.7 6.09 % Total 65.9 65.7 6.09 % Total debt securities AFS $ 5,684.0 $ 5,854.7 2.62 %
Schedule of Debt Securities AFS - Estimated Unrealized Losses	The following table summarizes by investment category the gross unrealized losses, respective fair value and length of time that those securities have been in a continuous unrealized loss position. Gross Unrealized Loss (dollars in millions) March 31, 2020 Less than 12 months 12 months or greater Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Debt securities AFS Mortgage-backed securities U.S. government/sponsored agency - Residential $ 195.8 $ (1.4 ) $ 37.2 $ (0.8 ) U.S. government/sponsored agency - Commercial 175.4 (0.6 ) — — Corporate bonds - foreign (1) 65.7 (0.2 ) — — Total debt securities AFS $ 436.9 $ (2.2 ) $ 37.2 $ (0.8 ) December 31, 2019 Less than 12 months 12 months or greater Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Debt securities AFS Mortgage-backed securities U.S. government/sponsored agency - Residential $ 1,396.5 $ (4.6 ) $ 861.3 $ (12.1 ) U.S. government/sponsored agency - Commercial 282.7 (1.7 ) 17.6 (0.1 ) U.S. government/sponsored agency obligations 398.9 (5.4 ) — — Total debt securities AFS $ 2,078.1 $ (11.7 ) $ 878.9 $ (12.2 ) (1 ) There was an immaterial amount of credit-related unrealized loss recorded in earnings for the quarter ended March 31, 2020.

Deposits (Tables)

Deposits (Tables)	3 Months Ended
	Mar. 31, 2020
Deposits [Abstract]
Schedule of Detail on Deposit Types	The following table provides detail on deposit types. The increase in the deposit balance from the prior period reflects the MOB Acquisition, as described in Note 2 – Acquisition and Discontinued Operations Deposits — Deposit types (dollars in millions) March 31, December 31, 2020 2019 Interest-bearing $ 39,372.3 $ 33,546.4 Non-interest bearing 2,789.8 1,593.1 Total deposits $ 42,162.1 $ 35,139.5
Schedule of Maturities of Time Deposits	The following table presents the maturities of time deposits. Deposits —Maturities (dollars in millions) March 31, Time deposits, remaining contractual maturity: 2020 Within one year $ 9,011.2 One to two years 1,889.5 Two to three years 394.5 Three to four years 456.3 Four to five years 561.9 Over five years 117.4 Total Time deposits $ 12,430.8
Schedule of Certificates of Deposit $100 Thousand or More	The following table presents the maturity profile of time deposits with a denomination of $100,000 or more. Time Deposits $100,000 or More (dollars in millions) March 31, 2020 Time Deposits: Three months or less $ 1,626.8 After three months through six months 1,821.8 After six months through twelve months 3,420.8 After twelve months 2,967.0 Total $ 9,836.4

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Assets and Liabilities in Unconsolidated VIEs	The table below presents potential losses that would be incurred under hypothetical circumstances, such that the value of its interests and any associated collateral declines to zero and assuming no recovery or offset from any economic hedges. The Company believes the possibility is remote under this hypothetical scenario; accordingly, this required disclosure is not an indication of expected loss. Unconsolidated VIEs (dollars in millions) March 31, 2020 December 31, 2019 Securities Partnership Investment Securities Partnership Investment Agency securities $ 5,550.4 $ — $ 5,338.6 $ — Tax credit equity investments — 287.3 — 277.1 Equity investments — 102.9 — 84.0 Total Assets $ 5,550.4 $ 390.2 $ 5,338.6 $ 361.1 Commitments to tax credit investments (1) $ — $ 119.1 $ — $ 120.1 Total Liabilities $ — $ 119.1 $ — $ 120.1 Maximum loss exposure (2) $ 5,550.4 $ 390.2 $ 5,338.6 $ 361.1 (1) (2)

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Borrowings	The following table presents the carrying value of outstanding borrowings. Borrowings (dollars in millions) March 31, 2020 December 31, 2019 CIT Group Inc. Subsidiaries Total Total Senior unsecured $ 3,428.4 $ 547.1 $ 3,975.5 $ 3,967.9 Subordinated debt 494.5 — 494.5 494.4 Secured borrowings: FHLB advances — 3,050.0 3,050.0 1,650.0 Other secured and structured financings — 561.3 561.3 361.1 Securities sold under agreement to repurchase — 13.0 13.0 — Total borrowings $ 3,922.9 $ 4,171.4 $ 8,094.3 $ 6,473.4
Schedule of FHLB Balances	FHLB Balances (dollars in millions) December 31, March 31, 2020 2019 Lending Assets High Quality Liquid Securities Total Total Total borrowing capacity $ 5,879.0 $ 2,879.5 $ 8,758.5 $ 6,350.5 Less: Advances (3,050.0 ) — (3,050.0 ) (1,650.0 ) Available capacity $ 2,829.0 $ 2,879.5 $ 5,708.5 $ 4,700.5 Pledged assets (1) $ 7,308.0 $ 3,006.3 $ 10,314.3 $ 6,987.6 Weighted Average Rate 1.03 % 2.04 % (1)

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Notional Amount and Fair Values of Derivative Financial Instruments	The following table presents notional amount and fair value of derivative financial instruments on a gross basis. Notional Amount and Fair Value of Derivative Financial Instruments (dollars in millions) March 31, 2020 December 31, 2019 Notional Amount Asset Fair Value Liability Fair Value Notional Amount Asset Fair Value Liability Fair Value Derivatives designated as hedging instruments (Qualifying hedges) Foreign exchange contracts $ 39.6 $ 0.7 $ - $ 676.3 $ - $ (10.6 ) Interest rate contracts (1)(3) 500.0 - - 1,250.0 - - Total derivatives designated as hedging instruments 539.6 0.7 - 1,926.3 - (10.6 ) Derivatives not designated as hedging instruments (Non-qualifying hedges) Interest rate contracts (1)(3) 19,740.1 524.8 (80.1 ) 17,588.1 176.9 (14.5 ) Foreign exchange contracts 524.4 20.2 (12.4 ) 982.9 13.7 (6.1 ) Other contracts (2) 785.4 0.8 (2.6 ) 714.7 0.1 (0.8 ) Total derivatives not designated as hedging instruments 21,049.9 545.8 (95.1 ) 19,285.7 190.7 (21.4 ) Gross derivatives fair values presented in the Consolidated Balance Sheets $ 21,589.5 $ 546.5 $ (95.1 ) $ 21,212.0 $ 190.7 $ (32.0 ) Less: Gross amounts offset in the Consolidated Balance Sheets - - - - Net amount presented in the Consolidated Balance Sheet 546.5 (95.1 ) 190.7 (32.0 ) Less: Amounts subject to master netting agreements (4) (17.2 ) 17.2 (11.8 ) 11.8 Less: Cash collateral pledged(received) subject to master netting agreements (5) (2.2 ) 47.5 (1.2 ) 14.3 Total net derivative fair value $ 527.1 $ (30.4 ) $ 177.7 $ (5.9 ) (1) (2) (3) (4) (5)
Gains (Losses) of Fair Value Hedges Recognized as Interest Expense	Gains (Losses) on Qualifying Hedges (dollars in millions) Quarters Ended March 31, 2020 2019 Recognized on derivatives $ 6.1 $ 1.0 Recognized on hedged item (6.1 ) (1.0 ) Net recognized on fair value hedges (No ineffectiveness) $ - $ -
Carrying Value of Hedged Items and Associated Cumulative Hedging Adjustment Relating for Fair Value Hedges	The following table presents the carrying value of hedged items and associated cumulative hedging adjustment relating for fair value hedges. Cumulative Fair Value Hedging Adjustments (dollars in millions) Cumulative Fair Value Hedging Adjustment Included in the Carrying Value of Hedged Items Carrying Value of Hedged Items (1) Currently Designated No Longer Designated March 31, 2020 Long-term Debt $ 1,752.1 $ 6.9 $ 2.6 December 31, 2019 Long-term Debt $ 1,747.0 $ 2.1 $ 1.5 (1)
Pre-tax Net Gains (Losses) Relating to Derivatives Designated as Net Investment Hedges	The following table presents the pre-tax net gains (losses) recorded in the condensed consolidated statements of income and in the consolidated statements of comprehensive income relating to derivatives designated as net investment hedges: Pre-tax Net Gains (Losses) Relating to Derivatives Designated as Net Investment Hedges (dollars in millions) Amounts Amounts recorded in Other reclassified from Comprehensive Total change in AOCI to income Income AOCI for period Contract Type Quarter Ended March 31, 2020 Foreign currency forward contracts - net investment hedges $ - $ 1.1 $ 1.1 Quarter Ended March 31, 2019 Foreign currency forward contracts - net investment hedges $ - $ (13.3 ) $ (13.3 )
Derivative Instrument Gains and Losses on Non Qualifying Hedges Recognized as Other Non-interest Income	The following table presents gains (losses) of non-qualifying hedges recognized as other non-interest income on the condensed consolidated statements of income: Gains (Losses) on Non-Qualifying Hedges (dollars in millions) Quarters Ended March 31, 2020 2019 Interest rate contracts $ - $ 0.1 Foreign currency forward contracts 10.9 13.3 Other contracts (2.4 ) 0.1 Total non-qualifying hedges - income statement impact $ 8.5 $ 13.5

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the Company’s assets and liabilities measured at estimated fair value on a recurring basis. Assets and Liabilities Measured at Fair Value on a Recurring Basis (dollars in millions) Total Level 1 Level 2 Level 3 March 31, 2020 Assets Residential MBS – U.S. government/sponsored agency $ 4,392.0 $ — $ 4,392.0 $ — U.S. treasury securities 9.3 — 9.3 — Other securities 1,453.4 — 1,387.7 65.7 Total debt securities AFS 5,854.7 — 5,789.0 65.7 Interest rate contracts — non-qualifying hedges 524.8 — 524.1 0.7 Other derivative — non-qualifying hedges 21.0 — 20.2 0.8 Total derivative assets at fair value — non-qualifying hedges (1) 545.8 — 544.3 1.5 Foreign currency forward contracts — net investment qualifying hedges 0.7 — 0.7 — Total Derivative assets at fair value — qualifying hedges (1) 0.7 — 0.7 — Total $ 6,401.2 $ — $ 6,334.0 $ 67.2 Liabilities Interest rate contracts — non-qualifying hedges $ (80.1 ) $ — $ (80.1 ) $ — Other derivative— non-qualifying hedges (15.0 ) — (12.4 ) (2.6 ) Total derivative liabilities at fair value — non-qualifying hedges (1) (95.1 ) — (92.5 ) (2.6 ) FDIC True-up liability (69.3 ) — — (69.3 ) Total $ (164.4 ) $ — $ (92.5 ) $ (71.9 ) December 31, 2019 Assets Residential MBS – U.S. government/sponsored agency $ 4,773.8 $ — $ 4,773.8 $ — U.S. treasury securities 11.3 4.7 6.6 — Other securities 1,226.7 — 1,159.6 67.1 Total debt securities AFS 6,011.8 4.7 5,940.0 67.1 Securities carried at fair value with changes recorded in net income 47.2 0.1 47.1 — Interest rate contracts — non-qualifying hedges 176.9 — 176.7 0.2 Other derivative — non-qualifying hedges 13.8 — 13.7 0.1 Total derivative assets at fair value — non-qualifying hedges (1) 190.7 — 190.4 0.3 Total $ 6,249.7 $ 4.8 $ 6,177.5 $ 67.4 Liabilities Interest rate contracts — non-qualifying hedges $ (14.5 ) $ — $ (14.5 ) $ — Other derivative— non-qualifying hedges (6.9 ) — (6.1 ) (0.8 ) Total derivative liabilities at fair value — non-qualifying hedges (1) (21.4 ) — (20.6 ) (0.8 ) Foreign currency forward contracts — net investment qualifying hedges (10.6 ) — (10.6 ) — Total derivative liabilities at fair value — qualifying hedges (10.6 ) — (10.6 ) — FDIC True-up liability (68.8 ) — — (68.8 ) Total $ (100.8 ) $ — $ (31.2 ) $ (69.6 ) (1)
Quantitative Information about Level 3 Fair Value Measurements-Recurring	The following tables summarize information about significant unobservable inputs related to the Company’s categories of Level 3 financial assets and liabilities measured on a recurring basis. Quantitative Information about Level 3 Fair Value Measurements — Recurring (dollars in millions) Financial Instrument Estimated Fair Value Valuation Technique(s) Significant Unobservable Inputs Range of Inputs Weighted Average March 31, 2020 Assets Debt Securities — AFS $ 65.7 Discounted cash flow Discount Rate 6.0% - 6.2% 6.1% Derivative assets — non-qualifying 1.5 Internal valuation model Borrower Rate 2.6% - 4.8% 3.2% Total Assets $ 67.2 Liabilities FDIC True-up liability $ (69.3 ) FDIC True-up payment Derivative liabilities — non-qualifying (2.6 ) Internal valuation model Total Liabilities $ (71.9 ) December 31, 2019 Assets Debt Securities — AFS $ 67.1 Discounted cash flow Discount Rate 6.0% - 6.2% 6.0% Derivative assets — non-qualifying 0.3 Internal valuation model Borrower Rate 2.8% - 5.0% 3.6% Total Assets $ 67.4 Liabilities FDIC True-up liability $ (68.8 ) Discounted cash flow Discount Rate 2.2% 2.2% Derivative liabilities — non-qualifying (0.8 ) Market comparable Total Liabilities $ (69.6 )
Changes in Estimated Fair Value for Financial Assets and Liabilities Measured on Recurring Basis	The following table summarizes the changes in estimated fair value for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3). Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities Measured on a Recurring Basis (dollars in millions) Securities- AFS Derivative Assets- Non- Qualifying Derivative Liabilities- Non- Qualifying FDIC True-up Liability Balance as of December 31, 2019 $ 67.1 $ 0.3 $ (0.8 ) $ (68.8 ) Included in earnings — 1.2 (1.8 ) (0.5 ) Included in comprehensive income (1.4 ) — — — Balance as of March 31, 2020 $ 65.7 $ 1.5 $ (2.6 ) $ (69.3 ) Balance as of December 31, 2018 $ 65.9 $ 0.4 $ — $ (66.9 ) Included in earnings — (0.1 ) (0.1 ) (0.5 ) Included in comprehensive income 1.3 — — — Balance as of March 31, 2019 $ 67.2 $ 0.3 $ (0.1 ) $ (67.4 )
Carrying Value of Assets Measured at Fair Value on a Non-Recurring Basis	The following table presents assets measured at estimated fair value on a non-recurring basis for which a non-recurring change in fair value has been recorded in the current year. Carrying Value of Assets Measured at Fair Value on a Non-recurring Basis (dollars in millions) Carrying Value Fair Value Measurements at Reporting Date Using: Total Level 1 Level 2 Level 3 Total Gains (Losses) March 31, 2020 Assets held for sale $ 27.1 $ — $ 2.7 $ 24.4 $ (4.0 ) Collateral-dependent loans 12.8 — — 12.8 (26.6 ) Mortgage Servicing Rights 7.8 — — 7.8 (2.0 ) Total $ 47.7 $ — $ 2.7 $ 45.0 $ (32.6 ) December 31, 2019 Assets held for sale $ 22.6 $ — $ 1.9 $ 20.7 $ 2.2 Impaired loans 244.8 — — 244.8 (73.5 ) Tax credit investments 82.0 — — 82.0 (5.1 ) Total $ 349.4 $ — $ 1.9 $ 347.5 $ (76.4 )
Carrying and Estimated Fair Values of Financial Instruments	The carrying values and estimated fair values of financial instruments not measured at fair value presented below exclude leases and certain other assets and liabilities, which were not required for disclosure. Carrying Value and Fair Value of Financial Instruments (dollars in millions) Estimated Fair Value Carrying Value Level 1 Level 2 Level 3 Total March 31, 2020 Financial Assets Cash and interest-bearing deposits $ 3,698.5 $ 3,698.5 $ — $ — $ 3,698.5 Assets held for sale (excluding leases) 49.2 — 21.3 28.1 49.4 Loans (excluding leases) (1) 36,278.9 — 855.9 32,406.9 33,262.8 Investment securities ( 2 ) 273.9 — — 273.9 273.9 Other assets subject to fair value disclosure ( 3 ) 566.2 — — 566.2 566.2 Financial Liabilities Deposits ( 4 ) (42,182.0 ) — — (42,334.2 ) (42,334.2 ) Borrowings ( 4 ) (8,121.4 ) — (7,430.6 ) (551.9 ) (7,982.5 ) Credit balances of factoring clients (1,023.7 ) — — (1,023.7 ) (1,023.7 ) Other liabilities subject to fair value disclosure ( 5 ) (637.2 ) — — (637.2 ) (637.2 ) December 31, 2019 Financial Assets Cash and interest-bearing deposits $ 2,685.6 $ 2,685.6 $ — $ — $ 2,685.6 Assets held for sale (excluding leases) 29.6 — 7.5 22.2 29.7 Loans (excluding leases) (1) 28,744.5 — 1,114.5 27,684.3 28,798.8 Securities purchased under agreement to resell 950.0 — 950.0 — 950.0 Investment securities ( 2 ) 217.8 — — 217.8 217.8 Other assets subject to fair value disclosure ( 3 ) 418.2 — — 418.2 418.2 Financial Liabilities Deposits ( 4 ) (35,156.2 ) — — (35,263.8 ) (35,263.8 ) Borrowings ( 4 ) (6,549.6 ) — (6,532.0 ) (365.2 ) (6,897.2 ) Credit balances of factoring clients (1,176.2 ) — — (1,176.2 ) (1,176.2 ) Other liabilities subject to fair value disclosure ( 5 ) (831.6 ) — — (831.6 ) (831.6 ) (1) (2) (3) (4) (5)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Stockholders Equity Note [Abstract]
Schedule of Common Stock Activity	A roll forward of common stock activity is presented in the following table. Number of Shares of Common Stock Issued Less Treasury Outstanding Common stock - December 31, 2019 162,188,287 (67,445,723 ) 94,742,564 Common stock issuance - acquisition - 3,094,697 3,094,697 Restricted stock issued 777,774 - 777,774 Shares held to cover taxes on vesting restricted shares and other - (297,803 ) (297,803 ) Employee stock purchase plan participation 48,882 - 48,882 Common stock - March 31, 2020 163,014,943 (64,648,829 ) 98,366,114
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table details the components of AOCI, net of tax: Components of Accumulated Other Comprehensive Income (Loss) (dollars in millions) March 31, 2020 December 31, 2019 Gross Unrealized Income Taxes Net Unrealized Gross Unrealized Income Taxes Net Unrealized Foreign currency translation adjustments $ (2.5 ) $ (7.5 ) $ (10.0 ) $ (1.9 ) $ (7.2 ) $ (9.1 ) Changes in benefit plans net loss and prior service (cost)/credit (47.5 ) (2.3 ) (49.8 ) (51.3 ) (1.3 ) (52.6 ) Unrealized net gains on securities AFS (1) 170.8 (44.2 ) 126.6 13.6 (4.0 ) 9.6 Total other accumulated comprehensive income (loss) $ 120.8 $ (54.0 ) $ 66.8 $ (39.6 ) $ (12.5 ) $ (52.1 ) (1) The following table details the changes in the components of AOCI, net of income taxes: Changes in Accumulated Other Comprehensive Income (Loss) by Component (dollars in millions) Foreign currency translation adjustments Changes in benefit plan net gain (loss) and prior service (cost) credit Unrealized net gains (losses) on AFS securities Total AOCI Balance as of December 31, 2019 $ (9.1 ) $ (52.6 ) $ 9.6 $ (52.1 ) AOCI activity before reclassifications (0.9 ) 2.6 126.3 128.0 Amounts reclassified from AOCI — 0.2 (9.3 ) (9.1 ) Net current period AOCI (0.9 ) 2.8 117.0 118.9 Balance as of March 31, 2020 $ (10.0 ) $ (49.8 ) $ 126.6 $ 66.8 Balance as of December 31, 2018 $ (20.9 ) $ (70.2 ) $ (87.2 ) $ (178.3 ) AOCI activity before reclassifications 5.7 2.2 46.0 53.9 Amounts reclassified from AOCI — — (0.8 ) (0.8 ) Net current period AOCI 5.7 2.2 45.2 53.1 Balance as of March 31, 2019 $ (15.2 ) $ (68.0 ) $ (42.0 ) $ (125.2 )
Schedule of Pretax and After-tax Components of Other Comprehensive Income	The following table presents the pretax and after-tax components of other comprehensive income. Before- and After-Tax components of OCI (dollars in millions) Quarters Ended March 31, 2020 2019 Gross Amount Tax Net Amount Gross Amount Tax Net Amount Income Statement Line Item Foreign currency translation adjustments gains AOCI activity before reclassification $ (0.6 ) $ (0.3 ) $ (0.9 ) $ 2.3 $ 3.4 $ 5.7 Net change (0.6 ) (0.3 ) (0.9 ) 2.3 3.4 5.7 Changes in benefit plan net loss and prior service (cost)/credit losses AOCI activity before reclassification 3.6 (1.0 ) 2.6 2.9 (0.7 ) 2.2 Reclassifications Out of AOCI 0.2 — 0.2 — — — Operating expenses Net change 3.8 (1.0 ) 2.8 2.9 (0.7 ) 2.2 Unrealized net gains on securities AFS AOCI activity before reclassification 169.7 (43.4 ) 126.3 62.0 (16.0 ) 46.0 Reclassifications Out of AOCI (12.5 ) 3.2 (9.3 ) (1.1 ) 0.3 (0.8 ) Other non-interest income Net change 157.2 (40.2 ) 117.0 60.9 (15.7 ) 45.2 Net current period AOCI $ 160.4 $ (41.5 ) $ 118.9 $ 66.1 $ (13.0 ) $ 53.1

Regulatory Capital (Tables)

Regulatory Capital (Tables)	3 Months Ended
	Mar. 31, 2020
Regulatory Capital Requirements [Abstract]
Tier 1 Capital And Total Capital Components	The following table summarizes the actual and required capital ratios: Capital Components and Ratios (dollars in millions) CIT CIT Bank, N.A. March 31, December 31, March 31, December 31, 2020 2019 2020 2019 Common Equity Tier 1 Capital $ 5,158.1 $ 5,444.4 $ 4,677.7 $ 4,879.6 Tier 1 Capital 5,682.9 5,969.3 4,677.7 4,879.6 Total Capital 6,842.3 6,983.3 5,545.7 5,644.3 Risk-Weighted Assets $ 52,973.0 $ 45,262.0 $ 45,160.2 $ 37,150.5 Common Equity Tier 1 Capital Ratio: Actual 9.7% 12.0% 10.4% 13.1% Effective minimum ratios under Basel III guidelines (1) 7.0% 7.0% 7.0% 7.0% BHC and PCA Well-Capitalized (2) (2) 6.5% 6.5% Tier 1 Capital Ratio: Actual 10.7% 13.2% 10.4% 13.1% Effective minimum ratios under Basel III guidelines (1) 8.5% 8.5% 8.5% 8.5% BHC and PCA Well-Capitalized 6.0% 6.0% 8.0% 8.0% Total Capital Ratio: Actual 12.9% 15.4% 12.3% 15.2% Effective minimum ratios under Basel III guidelines (1) 10.5% 10.5% 10.5% 10.5% BHC and PCA Well-Capitalized 10.0% 10.0% 10.0% 10.0% Tier 1 Leverage Ratio: Actual 9.8% 11.9% 8.9% 11.0% Required minimum ratios under Basel III guidelines (1) 4.0% 4.0% 4.0% 4.0% BHC and PCA Well-Capitalized (2) (2) 5.0% 5.0% (1) stated minimums of 4.5%, 6% and 8% for CET1 capital, Tier 1 capital and Total capital ratios, respectively, plus (2)

Commitments (Tables)

Commitments (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Summary of Commitments	The accompanying table summarizes credit-related commitments and other purchase and funding commitments: Commitments (dollars in millions) March 31, 2020 December 31, 2019 Due to Expire Within One Year After One Year Total Outstanding Total Outstanding Financing Commitments Financing assets $ 3,477.0 $ 4,893.9 $ 8,370.9 $ 6,459.7 Letters of credit Standby letters of credit 52.5 178.8 231.3 199.6 Other letters of credit 7.3 3.1 10.4 6.7 Deferred purchase agreements 1,556.1 — 1,556.1 2,060.6 Purchase and Funding Commitments Rail and other purchase commitments (1) $ 690.6 $ — $ 690.6 $ 813.7 (1)

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Pre-Tax Income (Loss)	The following table presents segment data related to continuing operations. Segment Pre-tax Income (Loss) (dollars in millions) Commercial Banking Consumer Banking Corporate Total CIT Quarter Ended March 31, 2020 Interest income $ 367.9 $ 101.6 $ 44.1 $ 513.6 Interest expense (benefit) 163.5 (10.1 ) 72.3 225.7 Provision for credit losses 508.9 5.0 - 513.9 Rental income on operating leases 209.8 - - 209.8 Other non-interest income 87.3 14.0 29.3 130.6 Depreciation on operating lease equipment 78.3 - - 78.3 Maintenance and other operating lease expenses 53.6 - - 53.6 Goodwill impairment 301.5 43.2 - 344.7 Operating expenses/loss on debt extinguishment and deposit redemption 213.3 102.1 19.0 334.4 (Loss) income from continuing operations before provision (benefit) for income taxes $ (654.1 ) $ (24.6 ) $ (17.9 ) $ (696.6 ) Select Period End Balances Loans $ 30,022.7 $ 8,507.7 $ - $ 38,530.4 Credit balances of factoring clients (1,023.7 ) - - (1,023.7 ) Assets held for sale 48.3 24.9 - 73.2 Operating lease equipment, net 7,488.1 - - 7,488.1 Quarter Ended March 31, 2019 Interest income $ 356.6 $ 95.5 $ 64.4 $ 516.5 Interest expense (benefit) 199.4 (39.3 ) 75.5 235.6 Provision (benefit) for credit losses 35.1 (2.1 ) - 33.0 Rental income on operating leases 217.7 - - 217.7 Other non-interest income 77.6 4.7 14.5 96.8 Depreciation on operating lease equipment 79.4 - - 79.4 Maintenance and other operating lease expenses 49.8 - - 49.8 Operating expenses/loss on debt extinguishment and deposit redemption 180.7 93.8 1.7 276.2 Income from continuing operations before provision (benefit) for income taxes $ 107.5 $ 47.8 $ 1.7 $ 157.0 Select Period End Balances Loans $ 24,641.3 $ 6,605.7 $ - $ 31,247.0 Credit balances of factoring clients (1,651.3 ) - - (1,651.3 ) Assets held for sale 56.1 4.5 18.8 79.4 Operating lease equipment, net 6,989.5 - - 6,989.5

Goodwill And Intangible Assets

Goodwill And Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Goodwill	Goodwill (dollars in millions) Commercial Banking Consumer Banking Total December 31, 2019 $ 326.7 $ 43.2 $ 369.9 Additions 116.4 5.2 121.6 Impairment (301.5 ) (43.2 ) (344.7 ) March 31, 2020 $ 141.6 $ 5.2 $ 146.8
Summary of Intangible Assets	The following table presents the gross carrying value and accumulated amortization for intangible assets, excluding fully amortized intangible assets. Intangible Assets (dollars in millions) March 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangibles $ 222.4 $ (86.6 ) $ 135.8 $ 126.3 $ (79.7 ) $ 46.6 Trade names 27.7 (13.6 ) 14.1 24.7 (12.7 ) 12.0 Customer relationships 27.4 (17.2 ) 10.2 23.9 (16.2 ) 7.7 Other 7.4 (7.4 ) — 7.4 (7.7 ) (0.3 ) Total intangible assets $ 284.9 $ (124.8 ) $ 160.1 $ 182.3 $ (116.3 ) $ 66.0
Summary of Intangible Assets Rollforward	The following table presents the changes in intangible assets: Intangible Assets Rollforward (dollars in millions) Core Deposit Intangibles Trade Names Customer Relationships Other Total December 31, 2019 $ 46.6 $ 12.0 $ 7.7 $ (0.3 ) $ 66.0 Additions 96.1 3.0 3.5 — 102.6 Amortization (6.9 ) (0.9 ) (1.0 ) 0.3 (8.5 ) March 31, 2020 $ 135.8 $ 14.1 $ 10.2 $ — $ 160.1

Business and Summary of Signi_3

Business and Summary of Significant Accounting Policies (Narrative) (Details)	Jan. 01, 2020USD ($)	Mar. 31, 2020USD ($)branch
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Period for which loans are considered past due		30 days
Minimum value of loans to be individually assessed for impairment		$ 500,000
Consumer Mortgage
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Period past due when loans go into non accrual status		90 days
Small Commercial Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Period past due when loans go into non accrual status		90 days
Small Commercial Loans | Impaired Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Minimum value of loans to be individually assessed for impairment		$ 500,000
Consumer Loan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Delinquency period for loan charge offs		120 days
Retained Earnings | ASU 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment, decrease in retained earnings	$ 82,400,000
Mutual of Omaha Bank ("MOB")
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Purchase price of acquisition	$ 993,100,000
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of branches | branch		90
Period past due when loans go into non accrual status		90 days
Minimum | Small Commercial Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Delinquency period for loan charge offs		90 days
Minimum | Small Commercial Loans | Impaired Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Delinquency period for loan charge offs		90 days
Maximum | Small Commercial Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Delinquency period for loan charge offs		150 days
Maximum | Small Commercial Loans | Impaired Loans
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Delinquency period for loan charge offs		150 days

Acquisition and Discontinued _3

Acquisition and Discontinued Operations (Narrative) (Details) shares in Millions	Jan. 01, 2020USD ($)branchshares	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Goodwill		$ 146,800,000		$ 369,900,000
Interest income		513,600,000	$ 516,500,000
Non-interest income		340,400,000	314,500,000
Net loss		624,300,000	(118,900,000)
Loss from discontinued operations			300,000
Discontinued Operations
Business Acquisition [Line Items]
Loss from discontinued operations		0	300,000	$ 0
Net cash flows used in operations			5,100,000
Net cash provided by investing			$ 23,400,000
MOB
Business Acquisition [Line Items]
Consideration paid	$ 993,100,000
Business combination, percentage of outstanding shares of common stock	100.00%
Consideration paid in cash	$ 850,000,000
Assets acquired	8,600,000,000
Goodwill	121,600,000
Intangible assets	102,600,000
Assumed liabilities	$ 7,569,200,000
Number of bank branches acquired | branch	25
Cash and interest-bearing cash	$ 123,100,000
Investment securities	1,717,600,000
Fair value of loans	6,297,900,000
Other assets	199,500,000
Right of use assets	45,500,000
Equity investments	23,900,000
Fair value on derivative instruments	19,900,000
Accrued interest receivable on loans	16,000,000
Property, furniture and fixtures	14,900,000
Technology assets	12,500,000
Mortgage Servicing Rights	10,300,000
Other assets	56,600,000
Deposits	6,992,900,000
Certificate of deposits with maturity	1,200,000,000
Certificate of deposits without maturity	5,800,000,000
PAA premium	14,300,000
Securities sold under agreements to repurchase	193,200,000
Federal Home Loan Bank advances	290,000,000
Other liabilities	$ 93,100,000
Interest income		74,700,000
Non-interest income		14,100,000
Net loss		92,600,000
Provision for credit losses		44,800,000
Integration costs		$ 17,100,000
MOB | Minimum
Business Acquisition [Line Items]
Certificates of deposit, maturity term	30 days
MOB | Maximum
Business Acquisition [Line Items]
Certificates of deposit, maturity term	5 years
MOB | Common Stock
Business Acquisition [Line Items]
Business combination, number of shares issued | shares	3.1
Business combination, value of shares issued	$ 141,000,000

Acquisition and Discontinued _4

Acquisition and Discontinued Operations (Consideration and Net Assets Acquired) (Details) - USD ($) $ in Millions	Jan. 01, 2020	Mar. 31, 2020	Dec. 31, 2019
Liabilities
Goodwill		$ 146.8	$ 369.9
MOB
Business Acquisition [Line Items]
Consideration paid	$ 993.1
Assets
Cash and interest-bearing cash	123.1
Investment securities	1,717.6
Loans	6,297.9
Other assets	199.5
Total assets	8,338.1
Liabilities
Deposits	6,992.9
Securities sold under agreements to repurchase	193.2
Other liabilities	93.1
Borrowings	290
Total liabilities	7,569.2
Total fair value of identifiable net assets	768.9
Intangible assets	102.6
Goodwill	$ 121.6

Acquisition and Discontinued _5

Acquisition and Discontinued Operations (Summary of Loan Valuations by Division in Each Segment) (Details) - MOB $ in Millions	Jan. 01, 2020USD ($)
Business Acquisition [Line Items]
Total loans, unpaid principal balance	$ 6,350.4
Loans	6,297.9
Commercial Banking | Commercial Finance
Business Acquisition [Line Items]
Total loans, unpaid principal balance	2,316.4
Loans	2,249.4
Commercial Banking | Real Estate Finance
Business Acquisition [Line Items]
Total loans, unpaid principal balance	2,107.3
Loans	2,106.4
Consumer Banking | Consumer and Community Banking
Business Acquisition [Line Items]
Total loans, unpaid principal balance	1,926.7
Loans	$ 1,942.1

Acquisition and Discontinued _6

Acquisition and Discontinued Operations (Summary of Key Valuation Input Assumptions by Division) (Details) - MOB	Jan. 01, 2020
Commercial Banking | Commercial Finance | Discount Rate | Minimum
Business Acquisition [Line Items]
Valuation input assumptions	2.50
Commercial Banking | Commercial Finance | Discount Rate | Maximum
Business Acquisition [Line Items]
Valuation input assumptions	15.5
Commercial Banking | Commercial Finance | Discount Rate | Weighted Avg.
Business Acquisition [Line Items]
Valuation input assumptions	4.33
Commercial Banking | Commercial Finance | Severity Rate | Minimum
Business Acquisition [Line Items]
Valuation input assumptions	0
Commercial Banking | Commercial Finance | Severity Rate | Maximum
Business Acquisition [Line Items]
Valuation input assumptions	60
Commercial Banking | Commercial Finance | Severity Rate | Weighted Avg.
Business Acquisition [Line Items]
Valuation input assumptions	18.59
Commercial Banking | Commercial Finance | Prepayment Rate | Minimum
Business Acquisition [Line Items]
Valuation input assumptions	0
Commercial Banking | Commercial Finance | Prepayment Rate | Maximum
Business Acquisition [Line Items]
Valuation input assumptions	26.75
Commercial Banking | Commercial Finance | Prepayment Rate | Weighted Avg.
Business Acquisition [Line Items]
Valuation input assumptions	17.99
Commercial Banking | Commercial Finance | Default Rate | Minimum
Business Acquisition [Line Items]
Valuation input assumptions	0
Commercial Banking | Commercial Finance | Default Rate | Maximum
Business Acquisition [Line Items]
Valuation input assumptions	7
Commercial Banking | Commercial Finance | Default Rate | Weighted Avg.
Business Acquisition [Line Items]
Valuation input assumptions	1.90
Commercial Banking | Real Estate Finance | Discount Rate | Minimum
Business Acquisition [Line Items]
Valuation input assumptions	3.25
Commercial Banking | Real Estate Finance | Discount Rate | Maximum
Business Acquisition [Line Items]
Valuation input assumptions	5.50
Commercial Banking | Real Estate Finance | Discount Rate | Weighted Avg.
Business Acquisition [Line Items]
Valuation input assumptions	3.86
Commercial Banking | Real Estate Finance | Severity Rate | Minimum
Business Acquisition [Line Items]
Valuation input assumptions	0.15
Commercial Banking | Real Estate Finance | Severity Rate | Maximum
Business Acquisition [Line Items]
Valuation input assumptions	0.30
Commercial Banking | Real Estate Finance | Severity Rate | Weighted Avg.
Business Acquisition [Line Items]
Valuation input assumptions	18.37
Commercial Banking | Real Estate Finance | Prepayment Rate | Minimum
Business Acquisition [Line Items]
Valuation input assumptions	0.50
Commercial Banking | Real Estate Finance | Prepayment Rate | Maximum
Business Acquisition [Line Items]
Valuation input assumptions	26.75
Commercial Banking | Real Estate Finance | Prepayment Rate | Weighted Avg.
Business Acquisition [Line Items]
Valuation input assumptions	17.77
Commercial Banking | Real Estate Finance | Default Rate | Minimum
Business Acquisition [Line Items]
Valuation input assumptions	0.10
Commercial Banking | Real Estate Finance | Default Rate | Maximum
Business Acquisition [Line Items]
Valuation input assumptions	7
Commercial Banking | Real Estate Finance | Default Rate | Weighted Avg.
Business Acquisition [Line Items]
Valuation input assumptions	2.67
Consumer Banking | Consumer and Community Banking | Discount Rate | Minimum
Business Acquisition [Line Items]
Valuation input assumptions	2.50
Consumer Banking | Consumer and Community Banking | Discount Rate | Maximum
Business Acquisition [Line Items]
Valuation input assumptions	6.75
Consumer Banking | Consumer and Community Banking | Discount Rate | Weighted Avg.
Business Acquisition [Line Items]
Valuation input assumptions	3.42
Consumer Banking | Consumer and Community Banking | Severity Rate | Minimum
Business Acquisition [Line Items]
Valuation input assumptions	0.05
Consumer Banking | Consumer and Community Banking | Severity Rate | Maximum
Business Acquisition [Line Items]
Valuation input assumptions	0.35
Consumer Banking | Consumer and Community Banking | Severity Rate | Weighted Avg.
Business Acquisition [Line Items]
Valuation input assumptions	9.95
Consumer Banking | Consumer and Community Banking | Prepayment Rate | Minimum
Business Acquisition [Line Items]
Valuation input assumptions	1.50
Consumer Banking | Consumer and Community Banking | Prepayment Rate | Maximum
Business Acquisition [Line Items]
Valuation input assumptions	30
Consumer Banking | Consumer and Community Banking | Prepayment Rate | Weighted Avg.
Business Acquisition [Line Items]
Valuation input assumptions	21.93
Consumer Banking | Consumer and Community Banking | Default Rate | Minimum
Business Acquisition [Line Items]
Valuation input assumptions	0.05
Consumer Banking | Consumer and Community Banking | Default Rate | Maximum
Business Acquisition [Line Items]
Valuation input assumptions	7
Consumer Banking | Consumer and Community Banking | Default Rate | Weighted Avg.
Business Acquisition [Line Items]
Valuation input assumptions	0.33

Acquisition and Discontinued _7

Acquisition and Discontinued Operations (Summary of Intangible Assets Recorded in Conjunction with MOB Transaction ) (Details) - USD ($) $ in Millions	Jan. 01, 2020	Mar. 31, 2020
Business Acquisition [Line Items]
Intangible assets, Fair Value		$ 102.6
Core Deposit Intangibles
Business Acquisition [Line Items]
Intangible assets, Fair Value		96.1
Customer Relationships
Business Acquisition [Line Items]
Intangible assets, Fair Value		3.5
Trade Name
Business Acquisition [Line Items]
Intangible assets, Fair Value		$ 3
MOB
Business Acquisition [Line Items]
Intangible assets, Fair Value	$ 102.6
MOB | Core Deposit Intangibles
Business Acquisition [Line Items]
Intangible assets, Fair Value	$ 96.1
Intangible assets, Estimated Useful Life	10 years
Intangible assets, Amortization Method	Straight line
MOB | Customer Relationships
Business Acquisition [Line Items]
Intangible assets, Fair Value	$ 3.5
Intangible assets, Estimated Useful Life	10 years
Intangible assets, Amortization Method	Accelerated
MOB | Trade Name
Business Acquisition [Line Items]
Intangible assets, Fair Value	$ 3
Intangible assets, Estimated Useful Life	10 years
Intangible assets, Amortization Method	Straight line

Acquisition and Discontinued _8

Acquisition and Discontinued Operations (Selected Unaudited Pro Forma Financial Information) (Details) - MOB - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Interest income	$ 513.6	$ 601.1
Non-interest income	340.4	318.9
Net (loss) income	$ (577.1)	$ 127

Loans (Schedule of Loans by Pro

Loans (Schedule of Loans by Product) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Loans And Leases Receivable Disclosure [Line Items]
Total loans	$ 38,530.4	$ 30,998.9	$ 31,247
Commercial Loans
Loans And Leases Receivable Disclosure [Line Items]
Total loans	30,696.8	25,019.5
Commercial Loans | Commercial loans
Loans And Leases Receivable Disclosure [Line Items]
Total loans	28,445.3	22,765.1
Commercial Loans | Financing Leases and Leverage Leases
Loans And Leases Receivable Disclosure [Line Items]
Total loans	2,251.5	2,254.4
Consumer Loans
Loans And Leases Receivable Disclosure [Line Items]
Total loans	$ 7,833.6	$ 5,979.4

Loans (Schedule of Loans by Seg

Loans (Schedule of Loans by Segment, Based on Obligor Location) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 38,530.4	$ 30,998.9	$ 31,247
Commercial Banking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	30,022.7	24,393.4
Consumer Banking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	8,507.7	6,605.5
Domestic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	36,921.9	29,471.5
Domestic | Commercial Banking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	28,414.2	22,866
Domestic | Consumer Banking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	8,507.7	6,605.5
Foreign
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,608.5	1,527.4
Foreign | Commercial Banking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 1,608.5	$ 1,527.4

Loans (Components of Net Invest

Loans (Components of Net Investment) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Unearned income	$ (440.2)	$ (430)
Unamortized premiums / (discounts)	(550.4)	30
Accretable yield on PCI loans		(745.4)
Net unamortized deferred costs and (fees)	$ 49.7	$ 50.9

Loans (Commercial Loans - By Ri

Loans (Commercial Loans - By Risk Rating) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Financing Receivable, Recorded Investment [Line Items]
Loans	$ 38,530.4	$ 30,998.9	$ 31,247
PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		1,277.6
Commercial Banking
Financing Receivable, Recorded Investment [Line Items]
Loans	30,022.7	24,393.4
Consumer Banking
Financing Receivable, Recorded Investment [Line Items]
Loans	8,507.7	6,605.5
Commercial Loans
Financing Receivable, Recorded Investment [Line Items]
2020	4,010.8
2019	8,007.3
2018	6,360.8
2017	3,161.5
2016	1,820.1
2015 & Prior	3,031.2
Revolving Loans Amortized Cost Basis	4,198.9
Revolving Loans Converted to Term Loans Amortized Cost Basis	106.2
Loans	30,696.8	25,019.5
Commercial Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		27.8
Commercial Loans | Pass
Financing Receivable, Recorded Investment [Line Items]
Loans		22,784.8
Commercial Loans | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Loans		1,027.2
Commercial Loans | Classified- accrual
Financing Receivable, Recorded Investment [Line Items]
Loans		871.5
Commercial Loans | Classified- non-accrual
Financing Receivable, Recorded Investment [Line Items]
Loans		308.2
Commercial Loans | Real Estate Finance | Pass | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		20.7
Commercial Loans | Commercial Banking
Financing Receivable, Recorded Investment [Line Items]
2020	3,960.4
2019	7,802.6
2018	6,232.7
2017	3,061.3
2016	1,751.2
2015 & Prior	2,919.7
Revolving Loans Amortized Cost Basis	4,188.6
Revolving Loans Converted to Term Loans Amortized Cost Basis	106.2
Loans	30,022.7	24,393.4
Commercial Loans | Commercial Banking | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		27.8
Commercial Loans | Commercial Banking | Pass
Financing Receivable, Recorded Investment [Line Items]
2020	3,852.5
2019	7,403.5
2018	5,807.9
2017	2,534.6
2016	1,541.6
2015 & Prior	2,386.8
Revolving Loans Amortized Cost Basis	3,647.1
Revolving Loans Converted to Term Loans Amortized Cost Basis	98.8
Loans	27,272.8	22,195.2
Commercial Loans | Commercial Banking | Special Mention
Financing Receivable, Recorded Investment [Line Items]
2020	71.1
2019	275.9
2018	229
2017	260.3
2016	78
2015 & Prior	192.6
Revolving Loans Amortized Cost Basis	257.2
Revolving Loans Converted to Term Loans Amortized Cost Basis	5.8
Loans	1,369.9	1,024.8
Commercial Loans | Commercial Banking | Classified- accrual
Financing Receivable, Recorded Investment [Line Items]
2020	36.7
2019	109.3
2018	119.6
2017	227.5
2016	93.1
2015 & Prior	253.5
Revolving Loans Amortized Cost Basis	241.7
Revolving Loans Converted to Term Loans Amortized Cost Basis	1.6
Loans	1,083	837.6
Commercial Loans | Commercial Banking | Classified- non-accrual
Financing Receivable, Recorded Investment [Line Items]
2020	0.1
2019	13.9
2018	76.2
2017	38.9
2016	38.5
2015 & Prior	86.8
Revolving Loans Amortized Cost Basis	42.6
Loans	297	308
Commercial Loans | Commercial Banking | Commercial Finance
Financing Receivable, Recorded Investment [Line Items]
2020	2,796
2019	3,343.1
2018	3,075.6
2017	1,302.6
2016	646.1
2015 & Prior	1,810.3
Revolving Loans Amortized Cost Basis	4,114
Revolving Loans Converted to Term Loans Amortized Cost Basis	105.6
Loans	17,193.3	13,912.8
Commercial Loans | Commercial Banking | Commercial Finance | Pass
Financing Receivable, Recorded Investment [Line Items]
2020	2,714
2019	3,256.1
2018	2,903.2
2017	1,080.7
2016	518.6
2015 & Prior	1,350.1
Revolving Loans Amortized Cost Basis	3,572.5
Revolving Loans Converted to Term Loans Amortized Cost Basis	98.2
Loans	15,493.4	12,601.1
Commercial Loans | Commercial Banking | Commercial Finance | Special Mention
Financing Receivable, Recorded Investment [Line Items]
2020	54.2
2019	68.1
2018	86.7
2017	54
2016	27.7
2015 & Prior	139.6
Revolving Loans Amortized Cost Basis	257.2
Revolving Loans Converted to Term Loans Amortized Cost Basis	5.8
Loans	693.3	450.7
Commercial Loans | Commercial Banking | Commercial Finance | Classified- accrual
Financing Receivable, Recorded Investment [Line Items]
2020	27.8
2019	18.9
2018	27.2
2017	152.3
2016	69
2015 & Prior	238.3
Revolving Loans Amortized Cost Basis	241.7
Revolving Loans Converted to Term Loans Amortized Cost Basis	1.6
Loans	776.8	614.3
Commercial Loans | Commercial Banking | Commercial Finance | Classified- non-accrual
Financing Receivable, Recorded Investment [Line Items]
2018	58.5
2017	15.6
2016	30.8
2015 & Prior	82.3
Revolving Loans Amortized Cost Basis	42.6
Loans	229.8	246.7
Commercial Loans | Commercial Banking | Real Estate Finance
Financing Receivable, Recorded Investment [Line Items]
2020	574.1
2019	2,413
2018	1,781
2017	1,103.8
2016	819.7
2015 & Prior	968.7
Revolving Loans Amortized Cost Basis	56.6
Loans	7,716.9	5,382.5
Commercial Loans | Commercial Banking | Real Estate Finance | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		27.8
Commercial Loans | Commercial Banking | Real Estate Finance | Pass
Financing Receivable, Recorded Investment [Line Items]
2020	574.1
2019	2,300.8
2018	1,712.7
2017	907.6
2016	789.7
2015 & Prior	909.7
Revolving Loans Amortized Cost Basis	56.6
Loans	7,251.2	5,007
Commercial Loans | Commercial Banking | Real Estate Finance | Special Mention
Financing Receivable, Recorded Investment [Line Items]
2019	109
2018	59
2017	167.6
2016	26.4
2015 & Prior	49
Loans	411	341
Commercial Loans | Commercial Banking | Real Estate Finance | Classified- accrual
Financing Receivable, Recorded Investment [Line Items]
2019	3.2
2018	9
2017	28.6
2016	3.6
2015 & Prior	8.8
Loans	53.2	6.3
Commercial Loans | Commercial Banking | Real Estate Finance | Classified- non-accrual
Financing Receivable, Recorded Investment [Line Items]
2018	0.3
2015 & Prior	1.2
Loans	1.5	0.4
Commercial Loans | Commercial Banking | Rail
Financing Receivable, Recorded Investment [Line Items]
2019	0.9
2016	3.2
2015 & Prior	56.6
Loans	60.7	59.6
Commercial Loans | Commercial Banking | Rail | Pass
Financing Receivable, Recorded Investment [Line Items]
2019	0.9
2016	3.2
2015 & Prior	56.6
Loans	60.7	59.6
Commercial Loans | Commercial Banking | Business Capital
Financing Receivable, Recorded Investment [Line Items]
2020	590.3
2019	2,045.6
2018	1,376.1
2017	654.9
2016	282.2
2015 & Prior	84.1
Revolving Loans Amortized Cost Basis	18
Revolving Loans Converted to Term Loans Amortized Cost Basis	0.6
Loans	5,051.8	5,038.5
Commercial Loans | Commercial Banking | Business Capital | Pass
Financing Receivable, Recorded Investment [Line Items]
2020	564.4
2019	1,845.7
2018	1,192
2017	546.3
2016	230.1
2015 & Prior	70.4
Revolving Loans Amortized Cost Basis	18
Revolving Loans Converted to Term Loans Amortized Cost Basis	0.6
Loans	4,467.5	4,527.5
Commercial Loans | Commercial Banking | Business Capital | Special Mention
Financing Receivable, Recorded Investment [Line Items]
2020	16.9
2019	98.8
2018	83.3
2017	38.7
2016	23.9
2015 & Prior	4
Loans	265.6	233.1
Commercial Loans | Commercial Banking | Business Capital | Classified- accrual
Financing Receivable, Recorded Investment [Line Items]
2020	8.9
2019	87.2
2018	83.4
2017	46.6
2016	20.5
2015 & Prior	6.4
Loans	253	217
Commercial Loans | Commercial Banking | Business Capital | Classified- non-accrual
Financing Receivable, Recorded Investment [Line Items]
2020	0.1
2019	13.9
2018	17.4
2017	23.3
2016	7.7
2015 & Prior	3.3
Loans	65.7	60.9
Commercial Loans | Consumer Banking
Financing Receivable, Recorded Investment [Line Items]
Loans		626.1
Commercial Loans | Consumer Banking | Pass
Financing Receivable, Recorded Investment [Line Items]
Loans		589.6
Commercial Loans | Consumer Banking | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Loans		2.4
Commercial Loans | Consumer Banking | Classified- accrual
Financing Receivable, Recorded Investment [Line Items]
Loans		33.9
Commercial Loans | Consumer Banking | Classified- non-accrual
Financing Receivable, Recorded Investment [Line Items]
Loans		0.2
Commercial Loans | Consumer Banking | Consumer and Community Banking - SBA Loans
Financing Receivable, Recorded Investment [Line Items]
2020	50.4
2019	204.7
2018	128.1
2017	100.2
2016	68.9
2015 & Prior	111.5
Revolving Loans Amortized Cost Basis	10.3
Loans	674.1	626.1
Commercial Loans | Consumer Banking | Consumer and Community Banking - SBA Loans | Pass
Financing Receivable, Recorded Investment [Line Items]
2020	50.4
2019	202.3
2018	118.5
2017	90.7
2016	62.9
2015 & Prior	90.8
Revolving Loans Amortized Cost Basis	10
Loans	625.6	589.6
Commercial Loans | Consumer Banking | Consumer and Community Banking - SBA Loans | Special Mention
Financing Receivable, Recorded Investment [Line Items]
2019	1
2018	2
2017	0.5
2015 & Prior	3
Loans	6.5	2.4
Commercial Loans | Consumer Banking | Consumer and Community Banking - SBA Loans | Classified- accrual
Financing Receivable, Recorded Investment [Line Items]
2019	1.4
2018	7.6
2017	8.8
2016	6
2015 & Prior	17.2
Revolving Loans Amortized Cost Basis	0.3
Loans	41.3	33.9
Commercial Loans | Consumer Banking | Consumer and Community Banking - SBA Loans | Classified- non-accrual
Financing Receivable, Recorded Investment [Line Items]
2017	0.2
2015 & Prior	0.5
Loans	$ 0.7	$ 0.2

Loans (Commercial Loans - By _2

Loans (Commercial Loans - By Risk Rating) (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	$ 38,530.4	$ 30,998.9	$ 31,247
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		1,277.6
Commercial Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans	30,696.8	25,019.5
Commercial Loans | Non-Criticized Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		22,784.8
Commercial Loans | PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		27.8
Commercial Loans | PCI Loans | Non-Criticized Loans | Real Estate Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		20.7
Commercial Loans | PCI Loans | Criticized Loans | Real Estate Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		$ 7.1
Commercial Loans | Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 59.3

Loans (Narrative) (Details)

Loans (Narrative) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)Score	Dec. 31, 2019USD ($)Score	Mar. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average Loans to Value Percentage	61.00%	63.00%
Loans (see Note 9 for amounts pledged)	$ 38,530,400,000	$ 30,998,900,000	$ 31,247,000,000
Average FICO score | Score	752	751
Trial modification, amount	$ 1,500,000	$ 5,500,000
Commitments to lend additional funds to borrowers whose loan terms have been modified in TDRs	$ 18,200,000	$ 23,600,000
Troubled debt restructuring, payment deferral rate (percentage)	49.00%	52.00%
Troubled debt restructuring, covenant relief rate, other (percentage)	51.00%	48.00%
Consumer Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans (see Note 9 for amounts pledged)	$ 7,833,600,000	$ 5,979,400,000
Loans with terms that permitted negative amortization, unpaid principal balance	0	0
Covered Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans (see Note 9 for amounts pledged)	$ 0
Covered Loans | Consumer Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans (see Note 9 for amounts pledged)		$ 307,800,000

Loans (Schedule of Consumer Loa

Loans (Schedule of Consumer Loans LTV Distributions) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Financing Receivable, Recorded Investment [Line Items]
Loans	$ 38,530,400,000	$ 30,998,900,000	$ 31,247,000,000
PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		1,277,600,000
Covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans	0
Consumer Loans
Financing Receivable, Recorded Investment [Line Items]
2020	354,300,000
2019	1,756,000,000
2018	931,400,000
2017	904,900,000
2016	520,300,000
2015 & Prior	3,224,300,000
Revolving Loans Amortized Cost Basis	67,100,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	75,300,000
Loans	7,833,600,000	5,979,400,000
Consumer Loans | Covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		307,800,000
Consumer Loans | Covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		293,700,000
Consumer Loans | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		4,421,800,000
Consumer Loans | Non-covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		956,100,000
Consumer Loans | LTV Greater Than 125 Percent
Financing Receivable, Recorded Investment [Line Items]
Loans		61,200,000
Consumer Loans | LTV Greater Than 125 Percent | Covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		2,800,000
Consumer Loans | LTV Greater Than 125 Percent | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		5,200,000
Consumer Loans | LTV Greater Than 125 Percent | Non-covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		53,200,000
Consumer Loans | LTV 101% – 125%
Financing Receivable, Recorded Investment [Line Items]
Loans		108,100,000
Consumer Loans | LTV 101% – 125% | Covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		8,500,000
Consumer Loans | LTV 101% – 125% | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		6,600,000
Consumer Loans | LTV 101% – 125% | Non-covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		93,000,000
Consumer Loans | LTV 80% – 100%
Financing Receivable, Recorded Investment [Line Items]
Loans		471,100,000
Consumer Loans | LTV 80% – 100% | Covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		300,000
Consumer Loans | LTV 80% – 100% | Covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		48,100,000
Consumer Loans | LTV 80% – 100% | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		183,400,000
Consumer Loans | LTV 80% – 100% | Non-covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		239,300,000
Consumer Loans | LTV Less than 80%
Financing Receivable, Recorded Investment [Line Items]
Loans		5,337,900,000
Consumer Loans | LTV Less than 80% | Covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		307,500,000
Consumer Loans | LTV Less than 80% | Covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		234,300,000
Consumer Loans | LTV Less than 80% | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		4,225,500,000
Consumer Loans | LTV Less than 80% | Non-covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		570,600,000
Consumer Loans | Loan To Value Not Available
Financing Receivable, Recorded Investment [Line Items]
Loans		1,100,000
Consumer Loans | Loan To Value Not Available | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		1,100,000
Consumer Loans | Consumer and Community Banking
Financing Receivable, Recorded Investment [Line Items]
Loans		$ 4,524,000,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages
Financing Receivable, Recorded Investment [Line Items]
2015 & Prior	2,036,100,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	56,300,000
Loans	2,092,400,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Junior Lien Loans
Financing Receivable, Recorded Investment [Line Items]
2015 & Prior	3,800,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	23,200,000
Loans	27,000,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Recorded Investment [Line Items]
2015 & Prior	23,800,000
Loans	23,800,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | LTV Greater Than 125 Percent
Financing Receivable, Recorded Investment [Line Items]
2015 & Prior	57,400,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	400,000
Loans	57,800,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | LTV 101% – 125%
Financing Receivable, Recorded Investment [Line Items]
2015 & Prior	94,300,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,100,000
Loans	95,400,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | LTV 80% – 100%
Financing Receivable, Recorded Investment [Line Items]
2015 & Prior	303,400,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	4,700,000
Loans	308,100,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | LTV Less than 80%
Financing Receivable, Recorded Investment [Line Items]
2015 & Prior	1,553,400,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	26,900,000
Loans	1,580,300,000
Consumer Loans | Consumer Banking | Consumer and Community Banking
Financing Receivable, Recorded Investment [Line Items]
2020	354,300,000
2019	1,756,000,000
2018	931,400,000
2017	904,900,000
2016	520,300,000
2015 & Prior	1,188,200,000
Revolving Loans Amortized Cost Basis	67,100,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	19,000,000
Loans	5,741,200,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | Junior Lien Loans
Financing Receivable, Recorded Investment [Line Items]
2020	100,000
2019	100,000
2018	100,000
2017	400,000
2016	200,000
2015 & Prior	5,800,000
Revolving Loans Amortized Cost Basis	44,300,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	9,800,000
Loans	60,800,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Recorded Investment [Line Items]
2020	800,000
2019	50,100,000
2018	23,000,000
2017	92,800,000
2016	11,100,000
2015 & Prior	8,400,000
Loans	186,200,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | LTV Greater Than 125 Percent
Financing Receivable, Recorded Investment [Line Items]
Revolving Loans Amortized Cost Basis	400,000
Loans	400,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | LTV 80% – 100%
Financing Receivable, Recorded Investment [Line Items]
2020	15,200,000
2019	68,500,000
2018	26,500,000
2017	3,300,000
2016	300,000
2015 & Prior	1,700,000
Revolving Loans Amortized Cost Basis	3,000,000
Loans	118,500,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | LTV Less than 80%
Financing Receivable, Recorded Investment [Line Items]
2020	338,200,000
2019	1,636,000,000
2018	880,700,000
2017	807,900,000
2016	507,800,000
2015 & Prior	1,156,900,000
Revolving Loans Amortized Cost Basis	15,300,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	9,200,000
Loans	5,352,000,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | No LTV required
Financing Receivable, Recorded Investment [Line Items]
2019	1,300,000
2018	1,100,000
2017	500,000
2016	900,000
2015 & Prior	15,400,000
Revolving Loans Amortized Cost Basis	4,100,000
Loans	$ 23,300,000

Loans (Schedule of Consumer L_2

Loans (Schedule of Consumer Loans LTV Distributions) (Parenthetical) (Details) $ in Millions	Mar. 31, 2020USD ($)
Other Assets | Consumer Loans
Financing Receivable, Recorded Investment [Line Items]
Accrued interest receivable	$ 24.5

Loans (Schedule of Consumer L_3

Loans (Schedule of Consumer Loans Current FICO Score Distributions) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Financing Receivable, Recorded Investment [Line Items]
Loans	$ 38,530,400,000	$ 30,998,900,000	$ 31,247,000,000
PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		1,277,600,000
Covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans	0
Consumer Banking
Financing Receivable, Recorded Investment [Line Items]
Loans	8,507,700,000	6,605,500,000
Consumer Loans
Financing Receivable, Recorded Investment [Line Items]
2020	354,300,000
2019	1,756,000,000
2018	931,400,000
2017	904,900,000
2016	520,300,000
2015 & Prior	3,224,300,000
Revolving Loans Amortized Cost Basis	67,100,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	75,300,000
Loans	7,833,600,000	5,979,400,000
Consumer Loans | Covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		307,800,000
Consumer Loans | Covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		293,700,000
Consumer Loans | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		4,421,800,000
Consumer Loans | Non-covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		956,100,000
Consumer Loans | Consumer and Community Banking
Financing Receivable, Recorded Investment [Line Items]
Loans		4,524,000,000
Consumer Loans | Consumer Banking
Financing Receivable, Recorded Investment [Line Items]
Loans		5,979,400,000
Consumer Loans | Consumer Banking | Covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		307,800,000
Consumer Loans | Consumer Banking | Covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		293,700,000
Consumer Loans | Consumer Banking | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		4,421,800,000
Consumer Loans | Consumer Banking | Non-covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		956,100,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages
Financing Receivable, Recorded Investment [Line Items]
2015 & Prior	2,036,100,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	56,300,000
Loans	2,092,400,000	2,081,500,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		307,800,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		293,700,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		523,900,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Non-covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		956,100,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Recorded Investment [Line Items]
2015 & Prior	23,800,000
Loans	23,800,000	24,500,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Loans Insured or Guaranteed by US Government Authorities | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		24,500,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Greater than or Equal to 730
Financing Receivable, Recorded Investment [Line Items]
2015 & Prior	784,600,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	24,300,000
Loans	808,900,000	873,300,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Greater than or Equal to 730 | Covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		202,200,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Greater than or Equal to 730 | Covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		98,600,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Greater than or Equal to 730 | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		320,000,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Greater than or Equal to 730 | Non-covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		252,500,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Greater than or Equal to 660 and Less than 730
Financing Receivable, Recorded Investment [Line Items]
2015 & Prior	639,500,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	18,400,000
Loans	657,900,000	618,000,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Greater than or Equal to 660 and Less than 730 | Covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		71,300,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Greater than or Equal to 660 and Less than 730 | Covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		98,800,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Greater than or Equal to 660 and Less than 730 | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		123,200,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Greater than or Equal to 660 and Less than 730 | Non-covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		324,700,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Less than 660
Financing Receivable, Recorded Investment [Line Items]
2015 & Prior	538,300,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	13,000,000
Loans	551,300,000	528,100,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Less than 660 | Covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		16,800,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Less than 660 | Covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		89,800,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Less than 660 | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		51,000,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | Less than 660 | Non-covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		370,500,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | No FICO Score Available
Financing Receivable, Recorded Investment [Line Items]
2015 & Prior	49,900,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	600,000
Loans	50,500,000	37,600,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | No FICO Score Available | Covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		17,500,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | No FICO Score Available | Covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		6,500,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | No FICO Score Available | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		5,200,000
Consumer Loans | Consumer Banking | Legacy Consumer Mortgages | No FICO Score Available | Non-covered Loans | PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		8,400,000
Consumer Loans | Consumer Banking | Consumer and Community Banking
Financing Receivable, Recorded Investment [Line Items]
2020	354,300,000
2019	1,756,000,000
2018	931,400,000
2017	904,900,000
2016	520,300,000
2015 & Prior	1,188,200,000
Revolving Loans Amortized Cost Basis	67,100,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	19,000,000
Loans	5,741,200,000	3,897,900,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		3,897,900,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Recorded Investment [Line Items]
2020	800,000
2019	50,100,000
2018	23,000,000
2017	92,800,000
2016	11,100,000
2015 & Prior	8,400,000
Loans	186,200,000	193,800,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | Loans Insured or Guaranteed by US Government Authorities | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		193,800,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | Greater than or Equal to 730
Financing Receivable, Recorded Investment [Line Items]
2020	306,700,000
2019	1,460,300,000
2018	786,700,000
2017	741,900,000
2016	452,900,000
2015 & Prior	931,400,000
Revolving Loans Amortized Cost Basis	46,800,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	12,900,000
Loans	4,739,600,000	3,319,000,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | Greater than or Equal to 730 | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		3,319,000,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | Greater than or Equal to 660 and Less than 730
Financing Receivable, Recorded Investment [Line Items]
2020	45,700,000
2019	229,500,000
2018	105,700,000
2017	59,300,000
2016	45,900,000
2015 & Prior	151,100,000
Revolving Loans Amortized Cost Basis	12,600,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	3,700,000
Loans	653,500,000	332,600,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | Greater than or Equal to 660 and Less than 730 | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		332,600,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | Less than 660
Financing Receivable, Recorded Investment [Line Items]
2020	1,000,000
2019	13,700,000
2018	13,600,000
2017	8,400,000
2016	8,000,000
2015 & Prior	60,700,000
Revolving Loans Amortized Cost Basis	4,400,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	2,300,000
Loans	112,100,000	29,600,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | Less than 660 | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		29,600,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | No FICO Score Available
Financing Receivable, Recorded Investment [Line Items]
2019	1,500,000
2018	1,400,000
2017	2,000,000
2016	1,500,000
2015 & Prior	21,400,000
Revolving Loans Amortized Cost Basis	2,200,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	100,000
Loans	30,100,000	21,800,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | No FICO Score Available | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		21,800,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | FICO Score Not Required
Financing Receivable, Recorded Investment [Line Items]
2020	100,000
2019	900,000
2018	1,000,000
2017	500,000
2016	900,000
2015 & Prior	15,200,000
Revolving Loans Amortized Cost Basis	1,100,000
Loans	$ 19,700,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | F I C O Not Required
Financing Receivable, Recorded Investment [Line Items]
Loans		1,100,000
Consumer Loans | Consumer Banking | Consumer and Community Banking | F I C O Not Required | Non-covered Loans
Financing Receivable, Recorded Investment [Line Items]
Loans		$ 1,100,000

Loans (Schedule of Consumer L_4

Loans (Schedule of Consumer Loans Current FICO Score Distributions) (Parenthetical) (Details) $ in Millions	Mar. 31, 2020USD ($)
Consumer Loans | Other Assets
Financing Receivable, Recorded Investment [Line Items]
Accrued interest receivable	$ 24.5

Loans (Loans - Delinquency Stat

Loans (Loans - Delinquency Status) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 608.6	$ 417.3
Current	37,921.8	29,304
Total	38,530.4	30,998.9	$ 31,247
30-59 Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	383.4	205
60-89 Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	68.2	116
90 or more Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	157	96.3
Commercial Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	345.4	353.5
Current	29,677.3	24,012.1
Total	30,022.7	24,393.4
Commercial Banking | Commercial Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	133.4	135.5
Current	17,059.9	13,777.3
Total	17,193.3	13,912.8
Commercial Banking | Real Estate Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	23.4	47.2
Current	7,693.5	5,307.5
Total	7,716.9	5,382.5
Commercial Banking | Business Capital
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	188.6	170.8
Current	4,863.2	4,867.7
Total	5,051.8	5,038.5
Commercial Banking | Rail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	60.7	59.6
Total	60.7	59.6
Commercial Banking | 30-59 Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	221	173.1
Commercial Banking | 30-59 Past Due | Commercial Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	70.7	58.7
Commercial Banking | 30-59 Past Due | Real Estate Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	21	0.6
Commercial Banking | 30-59 Past Due | Business Capital
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	129.3	113.8
Commercial Banking | 60-89 Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	37.4	109.4
Commercial Banking | 60-89 Past Due | Commercial Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1.8	27.8
Commercial Banking | 60-89 Past Due | Real Estate Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1.5	46.6
Commercial Banking | 60-89 Past Due | Business Capital
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	34.1	35
Commercial Banking | 90 or more Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	87	71
Commercial Banking | 90 or more Past Due | Commercial Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	60.9	49
Commercial Banking | 90 or more Past Due | Real Estate Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0.9
Commercial Banking | 90 or more Past Due | Business Capital
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	25.2	22
Consumer Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	263.2	63.8
Current	8,244.5	5,291.9
Total	8,507.7	6,605.5
Consumer Banking | Legacy Consumer Mortgages
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	205	36.5
Current	1,887.4	795.2
Total	2,092.4	2,081.5
Consumer Banking | Consumer and Community Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	58.2
Current	6,357.1
Total	6,415.3
Consumer Banking | 30-59 Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	162.4	31.9
Consumer Banking | 30-59 Past Due | Legacy Consumer Mortgages
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	120.1	15.5
Consumer Banking | 30-59 Past Due | Consumer and Community Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	42.3
Consumer Banking | 60-89 Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	30.8	6.6
Consumer Banking | 60-89 Past Due | Legacy Consumer Mortgages
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	25.2	3.3
Consumer Banking | 60-89 Past Due | Consumer and Community Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	5.6
Consumer Banking | 90 or more Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	70	25.3
Consumer Banking | 90 or more Past Due | Legacy Consumer Mortgages
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	59.7	17.7
Consumer Banking | 90 or more Past Due | Consumer and Community Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	10.3
Consumer Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	$ 7,833.6	5,979.4
Consumer Loans | Consumer and Community Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		27.3
Current		4,496.7
Total		4,524
Consumer Loans | 30-59 Past Due | Consumer and Community Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		16.4
Consumer Loans | 60-89 Past Due | Consumer and Community Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		3.3
Consumer Loans | 90 or more Past Due | Consumer and Community Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		7.6
PCI Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total		1,277.6
PCI Loans | Commercial Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total		27.8
PCI Loans | Commercial Banking | Real Estate Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total		27.8
PCI Loans | Consumer Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total		1,249.8
PCI Loans | Consumer Banking | Legacy Consumer Mortgages
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total		$ 1,249.8

Loans (Loans - Delinquency St_2

Loans (Loans - Delinquency Status) (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans (see Note 9 for amounts pledged)	$ 38,530.4	$ 30,998.9	$ 31,247
Total past due	608.6	417.3
90 days or more past due loans	18.9	36.9
90 or more Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	157	96.3
PCD Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans (see Note 9 for amounts pledged)	1,600
PCD Loans | 90 or more Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
90 days or more past due loans	44
Consumer Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans (see Note 9 for amounts pledged)	7,833.6	5,979.4
90 days or more past due loans	11.5	$ 11.3
Consumer Loans | Legacy Consumer Mortgages | PCD Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	$ 172.6

Loans (Loans on Non-accrual Sta

Loans (Loans on Non-accrual Status) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans	$ 381.8	$ 476.8	$ 326.3
Repossessed assets and OREO	20.6		20.1
Total non-performing assets	402.4		346.4
Total accruing loans past due 90 days or more	18.9		36.9
Total non-accrual, With No Allowance Recorded	52
Legacy CIT CECL Adoption
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		82.2
Mutual of Omaha Bank ("MOB")
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		68.3
Commercial Loans
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans	297	369.7	308
Total accruing loans past due 90 days or more	7.4		25.6
Total non-accrual, With No Allowance Recorded	39.5
Commercial Loans | Legacy CIT CECL Adoption
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		0.6
Commercial Loans | Commercial Finance
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans	229.8	307.8	246.7
Total non-accrual, With No Allowance Recorded	35.1
Commercial Loans | Commercial Finance | Legacy CIT CECL Adoption
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		0
Commercial Loans | Business Capital
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans	65.7	60.9	60.9
Total non-accrual, With No Allowance Recorded	4.4
Commercial Loans | Business Capital | Legacy CIT CECL Adoption
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		0
Commercial Loans | Real Estate Finance
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans	1.5	1	0.4
Commercial Loans | Real Estate Finance | Legacy CIT CECL Adoption
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		0.6
Commercial Loans | Mutual of Omaha Bank ("MOB")
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		61.1
Commercial Loans | Mutual of Omaha Bank ("MOB") | Commercial Finance
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		61.1
Commercial Loans | Mutual of Omaha Bank ("MOB") | Business Capital
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		0
Commercial Loans | Mutual of Omaha Bank ("MOB") | Real Estate Finance
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		0
Consumer Loans
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans	84.8	107.1	18.3
Total accruing loans past due 90 days or more	11.5		11.3
Total non-accrual, With No Allowance Recorded	12.5
Consumer Loans | Legacy CIT CECL Adoption
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		81.6
Consumer Loans | Consumer and Community Banking
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans	7	11.2	4
Total non-accrual, With No Allowance Recorded	2.1
Consumer Loans | Consumer and Community Banking | Legacy CIT CECL Adoption
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		0
Consumer Loans | Legacy Consumer Mortgages
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans	77.8	95.9	$ 14.3
Total non-accrual, With No Allowance Recorded	$ 10.4
Consumer Loans | Legacy Consumer Mortgages | Legacy CIT CECL Adoption
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		81.6
Consumer Loans | Mutual of Omaha Bank ("MOB")
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		7.2
Consumer Loans | Mutual of Omaha Bank ("MOB") | Consumer and Community Banking
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		7.2
Consumer Loans | Mutual of Omaha Bank ("MOB") | Legacy Consumer Mortgages
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Total non-accrual loans		$ 0

Loans (Loans on Non-accrual S_2

Loans (Loans on Non-accrual Status) (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Interest on non-accrual loan	$ 0.4
Accrued interest reversed to non-accrual status	0.9
Non-accrual loans	381.8	$ 476.8	$ 326.3
Consumer Loans
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Non-accrual loans	84.8	107.1	18.3
Consumer Loans | Legacy Consumer Mortgages
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Non-accrual loans	77.8	$ 95.9	$ 14.3
Consumer Loans | Legacy Consumer Mortgages | PCD Loans
Finance Receivables Non Accrual Status By Type Of Holding [Line Items]
Non-accrual loans	$ 67

Loans (Schedule of Loans In Pro

Loans (Schedule of Loans In Process of Foreclosure) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Loans in process of foreclosure	$ 27.3	$ 38.9

Loans (Schedule of Loans In P_2

Loans (Schedule of Loans In Process of Foreclosure) (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Loans In Process Of Foreclosure [Line Items]
Loans in process of foreclosure	$ 27.3	$ 38.9
PCI Loans
Loans In Process Of Foreclosure [Line Items]
Loans in process of foreclosure		$ 25.4

Loans (Impaired Loans) (Details

Loans (Impaired Loans) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Financing Receivable Impaired [Line Items]
Related Allowance	$ 113.6
Recorded investment, total	1,598.3
Unpaid principal balance, total	2,325.3
Average Recorded Investment, total	1,789
PCI Loans
Financing Receivable Impaired [Line Items]
Related Allowance	17.4
Recorded investment, total	1,277.6
Unpaid principal balance, total	1,936.1
Average Recorded Investment, total	1,504.4
Impaired Loans
Financing Receivable Impaired [Line Items]
Related Allowance	96.2
Recorded investment, total	320.7
Unpaid principal balance, total	389.2
Average Recorded Investment, total	284.6
Commercial Loans | Commercial Finance
Financing Receivable Impaired [Line Items]
With no related allowance, Recorded Investment	46.5
With no related allowance, Unpaid Principal Balance	69
With no related allowance, Average Recorded Investment	68
With related allowance, recorded investment	223.9
With related allowance, unpaid principal balance	267.3
Related Allowance	86
With related allowance, average recorded investment	166.6
Commercial Loans | Business Capital
Financing Receivable Impaired [Line Items]
With no related allowance, Recorded Investment	4.8
With no related allowance, Unpaid Principal Balance	5.5
With no related allowance, Average Recorded Investment	6
With related allowance, recorded investment	19.4
With related allowance, unpaid principal balance	19.4
Related Allowance	10
With related allowance, average recorded investment	11.6
Commercial Loans | Real Estate Finance
Financing Receivable Impaired [Line Items]
With no related allowance, Average Recorded Investment	1.6
With related allowance, average recorded investment	0.8
Commercial Loans | Real Estate Finance | PCI Loans
Financing Receivable Impaired [Line Items]
Related Allowance	9.8
Recorded investment, total	27.8
Unpaid principal balance, total	30.4
Consumer Loans | Consumer and Community Banking
Financing Receivable Impaired [Line Items]
With no related allowance, Recorded Investment	4
With no related allowance, Unpaid Principal Balance	4
With no related allowance, Average Recorded Investment	4.9
With related allowance, recorded investment	0.1
With related allowance, unpaid principal balance	0.2
Consumer Loans | Legacy Consumer Mortgages
Financing Receivable Impaired [Line Items]
With no related allowance, Recorded Investment	20.6
With no related allowance, Unpaid Principal Balance	22.4
With no related allowance, Average Recorded Investment	24.7
With related allowance, recorded investment	1.4
With related allowance, unpaid principal balance	1.4
Related Allowance	0.2
With related allowance, average recorded investment	0.4
Consumer Loans | Legacy Consumer Mortgages | PCI Loans
Financing Receivable Impaired [Line Items]
Related Allowance	7.6
Recorded investment, total	1,249.8
Unpaid principal balance, total	$ 1,905.7

Loans (Impaired Loans) (Parenth

Loans (Impaired Loans) (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Receivables [Abstract]
Interest income recorded	$ 2.1

Loans (PCD Loans) (Details)

Loans (PCD Loans) (Details) - PCD Loans - USD ($) $ in Millions	Jan. 01, 2020	Mar. 31, 2020
Financing Receivable Impaired [Line Items]
Par Value (UPB)		$ 406.2
Allowance for Credit Losses	$ (58.8)	(58.8)
(Discount) Premium		(6.6)
Purchase Price		340.8
Commercial Loans
Financing Receivable Impaired [Line Items]
Par Value (UPB)		347.8
Allowance for Credit Losses		(56.1)
(Discount) Premium		(9)
Purchase Price		282.7
Consumer Loans
Financing Receivable Impaired [Line Items]
Par Value (UPB)		58.4
Allowance for Credit Losses		(2.7)
(Discount) Premium		2.4
Purchase Price		$ 58.1

Loans (PCD Loans) (Parenthetica

Loans (PCD Loans) (Parenthetical) (Details) - USD ($) $ in Millions	Jan. 01, 2020	Mar. 31, 2020	Mar. 31, 2019
Financing Receivable Impaired [Line Items]
Loans charged-off		$ 63	$ 39.6
PCD Loans
Financing Receivable Impaired [Line Items]
Initial ACL recognized on PCD assets	$ 58.8	58.8
Loans charged-off	$ 38.6
Net impact of additional PCD reserves		$ 20.2

Loans (PCI Loans) (Details)

Loans (PCI Loans) (Details) $ in Millions	Dec. 31, 2019USD ($)
Financing Receivable Impaired [Line Items]
Carrying Value	$ 1,598.3
Unpaid Principal Balance	2,325.3
Allowance for Loan Losses	113.6
Consumer Loans | Legacy Consumer Mortgages
Financing Receivable Impaired [Line Items]
Allowance for Loan Losses	0.2
PCI Loans
Financing Receivable Impaired [Line Items]
Carrying Value	1,277.6
Unpaid Principal Balance	1,936.1
Allowance for Loan Losses	17.4
PCI Loans | Commercial Loans | Real Estate Finance
Financing Receivable Impaired [Line Items]
Carrying Value	27.8
Unpaid Principal Balance	30.4
Allowance for Loan Losses	9.8
PCI Loans | Consumer Loans | Legacy Consumer Mortgages
Financing Receivable Impaired [Line Items]
Carrying Value	1,249.8
Unpaid Principal Balance	1,905.7
Allowance for Loan Losses	$ 7.6

Loans (Schedule of Changes to t

Loans (Schedule of Changes to the Accretable Yield for PCI Loans) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance, beginning of period	$ 903.8
Accretion into interest income	(40.7)
Reclassification from non-accretable difference	2.4
Disposals and Other	(1.9)
Balance, end of period	$ 863.6

Loans (Summary of Recorded Inve

Loans (Summary of Recorded Investments of TDRs (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment	$ 142.7	$ 148.8
% Total TDR	100.00%	100.00%
Percent non-accrual	72.00%	71.00%
Commercial Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment	$ 123.1	$ 129.5
% Total TDR	86.00%	87.00%
Consumer Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded Investment	$ 19.6	$ 19.3
% Total TDR	14.00%	13.00%

Loans (Summary of Recorded In_2

Loans (Summary of Recorded Investments of Modifications) (Details) - Commercial Loan - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recorded investment related to modifications qualifying as TDRs that occurred during the quarters	$ 51.4	$ 10
Recorded investment at the time of default of TDRs that experienced a payment default (payment default is one missed payment) during the quarters and for which the payment default occurred within one year of the modification	$ 0.7	$ 0.8

Allowance For Credit Losses (Sc

Allowance For Credit Losses (Schedule of Allowance for Credit Losses and Recorded Investment in Finance Receivables) (Details) - USD ($) $ in Millions	Jan. 01, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 482.6	$ 482.6	$ 489.7
Legacy CIT(1) CECL adoption		223.6
Provision for credit losses		513.9	33
The initial ACL recognized on PCD assets	58.8	20.2
Other		(75.6)	(1.6)
Gross charge-offs		(63)	(39.6)
Recoveries		9.4	6
Allowance balance - end of period		1,111.1	487.5
Allowance balance
Loans individually evaluated for impairment			96.2
Loans collectively evaluated for impairment				$ 369
Allowance for credit losses	482.6	482.6	487.5	482.6
Other reserves				37.1
Loans receivables
Loans individually evaluated for impairment				320.7
Loans collectively evaluated for impairment				29,400.6
Loans		38,530.4	31,247	$ 30,998.9
Ending balance		38,530.4	31,247
Percent of loans to total loans				100.00%
PCI Loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Gross charge-offs	(38.6)
Loans receivables
Loans				$ 1,277.6
PCI Loans | OneWest Bank
Allowance balance
Loans acquired with deteriorated credit quality				17.4
Loans receivables
Loans				1,277.6
Commercial Banking
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	460.4	460.4	460.2
Legacy CIT(1) CECL adoption		74.7
Provision for credit losses		508.9	35.1
The initial ACL recognized on PCD assets		18.8
Other		(73.4)	(1.3)
Gross charge-offs		(60.8)	(38.9)
Recoveries		9	5.7
Allowance balance - end of period		937.6	460.8
Allowance balance
Loans individually evaluated for impairment			96
Loans collectively evaluated for impairment				354.6
Allowance for credit losses	460.4	937.6	460.8	460.4
Other reserves				36.4
Loans receivables
Loans individually evaluated for impairment				294.6
Loans collectively evaluated for impairment				24,071
Loans		30,022.7		$ 24,393.4
Ending balance		30,022.7
Percent of loans to total loans				78.70%
Commercial Banking | PCI Loans | OneWest Bank
Allowance balance
Loans acquired with deteriorated credit quality				$ 9.8
Loans receivables
Loans				27.8
Consumer Banking
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	22.2	22.2	29.5
Legacy CIT(1) CECL adoption		148.9
Provision for credit losses		5	(2.1)
The initial ACL recognized on PCD assets		1.4
Other		(2.2)	(0.3)
Gross charge-offs		(2.2)	(0.7)
Recoveries		0.4	0.3
Allowance balance - end of period		173.5	26.7
Allowance balance
Loans individually evaluated for impairment			0.2
Loans collectively evaluated for impairment				14.4
Allowance for credit losses	$ 22.2	173.5	$ 26.7	22.2
Other reserves				0.7
Loans receivables
Loans individually evaluated for impairment				26.1
Loans collectively evaluated for impairment				5,329.6
Loans		8,507.7		$ 6,605.5
Ending balance		$ 8,507.7
Percent of loans to total loans				21.30%
Consumer Banking | PCI Loans | OneWest Bank
Allowance balance
Loans acquired with deteriorated credit quality				$ 7.6
Loans receivables
Loans				$ 1,249.8

Allowance For Credit Losses (_2

Allowance For Credit Losses (Schedule of Allowance for Credit Losses and Recorded Investment in Finance Receivables) (Parenthetical) (Details) - USD ($) $ in Millions	Jan. 01, 2020	Mar. 31, 2020	Mar. 31, 2019
Financing Receivable Allowance For Credit Losses [Line Items]
The initial ACL recognized on PCD assets	$ 58.8	$ 20.2
Gross charge-offs		63	$ 39.6
Allowance for off-balance sheet, credit exposures		$ 75.1
PCI Loans
Financing Receivable Allowance For Credit Losses [Line Items]
Gross charge-offs	$ 38.6

Allowance For Credit Losses (Na

Allowance For Credit Losses (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Credit Loss [Abstract]
Provision for credit losses	$ 513.9	$ 33

Leases (Narrative) (Details)

Leases (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020
Leases [Line Items]
Lessee, operating lease, option to extend	true
Lessee, operating lease, option to terminate	true
Maximum
Leases [Line Items]
Lessee, operating lease, remaining lease term	15 years

Leases (Schedule of Supplementa

Leases (Schedule of Supplemental Balance Sheet and Cash Flow Information Related to Leases) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Leases [Abstract]
ROU assets	$ 232.4		$ 194.9
Lease liabilities	280.6		$ 242.6
Cash paid for amounts included in the measurement of lease liabilities	13.9	$ 10.2
ROU assets obtained in exchange for new lease liabilities	$ 5.6

Leases (Schedule of Lease Incom

Leases (Schedule of Lease Income Related to Company's Operating and Finance Leases) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Lease income – Operating leases		$ 197.8	$ 203.3
Variable lease income – Operating leases	[1]	12	14.4
Rental income on operating leases		209.8	217.7
Interest income - Sales type and direct financing leases		43.7	49.2
Variable lease income included in Other non-interest income	[2]	10.9	11.5
Leveraged lease income		2.6	1.9
Total lease income		$ 267	$ 280.3
[1]	Primarily includes per diem railcar operating lease rental income earned on a time or mileage usage basis.
[2]	Includes leased equipment property tax reimbursements due from customers of $4.6 million and $6.1 million for the quarters ended March 31, 2020 and 2019, respectively, and revenue related to insurance coverage on Business Capital leased equipment of $6.3 million and $5.4 million for the quarters ended March 31, 2020 and 2019, respectively.

Leases (Schedule of Lease Inc_2

Leases (Schedule of Lease Income Related to Company's Operating and Finance Leases) (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Leased equipment property tax reimbursements due from customers	$ 4.6	$ 6.1
Revenue related to insurance coverage Commercial Finance leased equipment	$ 6.3	$ 5.4

Investment Securities (Schedule

Investment Securities (Schedule of Carrying Value of Investment Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Available For Sale And Held To Maturity Securities [Line Items]
Debt securities	$ 5,854.7	$ 6,011.8
Equity securities	0	47.2
Total investment securities	6,128.6	6,276.8
Non-marketable securities
Schedule Of Available For Sale And Held To Maturity Securities [Line Items]
Total investment securities	$ 273.9	$ 217.8

Investment Securities (Schedu_2

Investment Securities (Schedule of Carrying Value of Investment Securities) (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Restricted Stock of FRB and FHLB	$ 240.1	$ 187.9
Non-marketable investments without readily determinable fair values	$ 33.8	$ 29.9

Investment Securities (Narrativ

Investment Securities (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Realized gains on available-for-sale securities excluding losses from other than temporary impairment ("OTTI")	$ 12,500,000	$ 1,100,000
Cash and interest bearing deposits	3,477,800,000	1,190,100,000	$ 1,695,500,000
Equity securities carried at fair value with changes recorded in net income, amortized cost	400,000		48,200,000
Equity securities	0		47,200,000
Equity securities carried at fair value with changes recorded in net income, unrealized losses	400,000		1,000,000
Other than temporary impairment losses	0	$ 0
Pledged securities carrying value	$ 3,167,000,000		$ 50,400,000

Investment Securities (Schedu_3

Investment Securities (Schedule of Interest and Dividend Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments Debt And Equity Securities [Abstract]
Interest income - debt securities	$ 39.2	$ 48
Interest income - interest-bearing cash	5.6	14.5
Dividends - equity securities	1.2	2.7
Total interest and dividends	$ 46	$ 65.2

Investment Securities (Amortize

Investment Securities (Amortized Cost and Fair Value of AFS and HTM Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2020		Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	$ 5,684		$ 5,998.2
Debt securities, Unrealized Gains Gross	173.7		37.5
Debt securities, Unrealized Losses Gross	(3)		(23.9)
Debt securities, Fair Value	5,854.7		6,011.8
U.S. government/sponsored agency – Residential
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	4,259		4,766.4
Debt securities, Unrealized Gains Gross	135.2		24.1
Debt securities, Unrealized Losses Gross	(2.2)		(16.7)
Debt securities, Fair Value	4,392		4,773.8
U.S. government/sponsored agency – Commercial
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	1,119.5		554.5
Debt securities, Unrealized Gains Gross	37.7		12.1
Debt securities, Unrealized Losses Gross	(0.6)		(1.8)
Debt securities, Fair Value	1,156.6		564.8
U.S. government/sponsored agency obligations
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	228.5		449.4
Debt securities, Unrealized Gains Gross	0.8		0
Debt securities, Unrealized Losses Gross	0		(5.4)
Debt securities, Fair Value	229.3		444
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	9.3		11.2
Debt securities, Unrealized Gains Gross	0		0.1
Debt securities, Unrealized Losses Gross	0		0
Debt securities, Fair Value	9.3		11.3
Agency Asset-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	1.8
Debt securities, Unrealized Gains Gross	0
Debt securities, Unrealized Losses Gross	0
Debt securities, Fair Value	1.8
Corporate bonds - foreign
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	65.9	[1]	65.9
Debt securities, Unrealized Gains Gross	0	[1]	1.2
Debt securities, Unrealized Losses Gross	(0.2)	[1]	0
Debt securities, Fair Value	$ 65.7	[1]	67.1
Supranational securities
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost			149.8
Debt securities, Unrealized Gains Gross			0
Debt securities, Unrealized Losses Gross			0
Debt securities, Fair Value			149.8
State & municipal bonds
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost			1
Debt securities, Unrealized Gains Gross			0
Debt securities, Unrealized Losses Gross			0
Debt securities, Fair Value			$ 1
[1]	There was an immaterial amount of ACL under CECL as of March 31, 2020.

Investment Securities (Schedu_4

Investment Securities (Schedule of Amortized Cost and Fair Value Maturities with Changes Recorded in Net Income) (Details) - USD ($) $ in Millions	Mar. 31, 2020		Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Debt securities, Amortized Cost	$ 5,684		$ 5,998.2
Total debt securities available-for-sale, Fair Value	$ 5,854.7		6,011.8
Weighted Average Yield	2.62%
U.S. government/sponsored agency – Residential
Schedule of Available-for-sale Securities [Line Items]
After 5 through 10 years, Amortized Cost	$ 9.7
Due after 10 years, Amortized Cost	4,249.3
Debt securities, Amortized Cost	4,259		4,766.4
After 5 through 10 years, Fair value	10.2
Due after 10 years, Fair Value	4,381.8
Total debt securities available-for-sale, Fair Value	$ 4,392		4,773.8
After 5 through 10 years, Weighted Average Yield	2.67%
Due after 10 years, Weighted Average Yield	2.60%
Weighted Average Yield	2.60%
U.S. government/sponsored agency – Commercial
Schedule of Available-for-sale Securities [Line Items]
After 1 through 5 years, Amortized Cost	$ 17
After 5 through 10 years, Amortized Cost	362.3
Due after 10 years, Amortized Cost	740.2
Debt securities, Amortized Cost	1,119.5		554.5
After 1 through 5 years, Fair Value	17.4
After 5 through 10 years, Fair value	388.6
Due after 10 years, Fair Value	750.6
Total debt securities available-for-sale, Fair Value	$ 1,156.6		564.8
After 1 through 5 years, Weighted Average Yield	2.95%
After 5 through 10 years, Weighted Average Yield	2.81%
Due after 10 years, Weighted Average Yield	2.30%
Weighted Average Yield	2.48%
U.S. government/sponsored agency obligations
Schedule of Available-for-sale Securities [Line Items]
After 5 through 10 years, Amortized Cost	$ 118.2
Due after 10 years, Amortized Cost	110.3
Debt securities, Amortized Cost	228.5		449.4
After 5 through 10 years, Fair value	118.8
Due after 10 years, Fair Value	110.5
Total debt securities available-for-sale, Fair Value	$ 229.3		444
After 5 through 10 years, Weighted Average Yield	2.69%
Due after 10 years, Weighted Average Yield	2.78%
Weighted Average Yield	2.73%
U.S. Treasury securities
Schedule of Available-for-sale Securities [Line Items]
Due in 1 year or less, Amortized Cost	$ 4.3
After 1 through 5 years, Amortized Cost	5
Debt securities, Amortized Cost	9.3		11.2
Due in 1 year or less, Fair Value	4.3
After 1 through 5 years, Fair Value	5
Total debt securities available-for-sale, Fair Value	$ 9.3		11.3
Due in 1 year or less, Weighted Average Yield	2.48%
After 1 through 5 years, Weighted Average Yield	0.53%
Weighted Average Yield	1.44%
Agency Asset-Backed Securities
Schedule of Available-for-sale Securities [Line Items]
Due after 10 years, Amortized Cost	$ 1.8
Debt securities, Amortized Cost	1.8
Due after 10 years, Fair Value	1.8
Total debt securities available-for-sale, Fair Value	$ 1.8
Due after 10 years, Weighted Average Yield	2.24%
Weighted Average Yield	2.24%
Corporate bonds - foreign
Schedule of Available-for-sale Securities [Line Items]
Due in 1 year or less, Amortized Cost	$ 65.9
Debt securities, Amortized Cost	65.9	[1]	65.9
Due in 1 year or less, Fair Value	65.7
Total debt securities available-for-sale, Fair Value	$ 65.7	[1]	$ 67.1
Due in 1 year or less, Weighted Average Yield	6.09%
Weighted Average Yield	6.09%
[1]	There was an immaterial amount of ACL under CECL as of March 31, 2020.

Investment Securities (Schedu_5

Investment Securities (Schedule of AFS and HTM - Estimated Unrealized Losses) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value	$ 436.9	$ 2,078.1
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss	(2.2)	(11.7)
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value	37.2	878.9
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss	(0.8)	(12.2)
U.S. government/sponsored agency – Residential
Schedule of Available-for-sale Securities [Line Items]
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value	195.8	1,396.5
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss	(1.4)	(4.6)
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value	37.2	861.3
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss	(0.8)	(12.1)
U.S. government/sponsored agency – Commercial
Schedule of Available-for-sale Securities [Line Items]
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value	175.4	282.7
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss	(0.6)	(1.7)
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value	0	17.6
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss	0	(0.1)
U.S. government/sponsored agency obligations
Schedule of Available-for-sale Securities [Line Items]
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value		398.9
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss		(5.4)
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value		0
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss		$ 0
Corporate bonds - foreign
Schedule of Available-for-sale Securities [Line Items]
Total securities available-for-sale, Less than 12 months, Debt securities, Fair Value	65.7
Total securities available-for-sale, Less than 12 months, Debt securities, Gross Unrealized Loss	(0.2)
Total securities available-for-sale, 12 months or greater, Debt securities, Fair Value	0
Total securities available-for-sale, 12 months or greater, Debt securities, Gross Unrealized Loss	$ 0

Deposits (Schedule of Detail on

Deposits (Schedule of Detail on Deposit Types) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Deposits [Abstract]
Interest-bearing	$ 39,372.3	$ 33,546.4
Non-interest bearing	2,789.8	1,593.1
Total deposits	$ 42,162.1	$ 35,139.5

Deposits (Schedule of Maturitie

Deposits (Schedule of Maturities of Time Deposits) (Details) $ in Millions	Mar. 31, 2020USD ($)
Time deposits, remaining contractual maturity:
Within one year	$ 9,011.2
One to two years	1,889.5
Two to three years	394.5
Three to four years	456.3
Four to five years	561.9
Over five years	117.4
Total Time deposits	$ 12,430.8

Deposits (Schedule of Certifica

Deposits (Schedule of Certificates of Deposit $100 Thousand or More) (Details) $ in Millions	Mar. 31, 2020USD ($)
Time Deposits:
Three months or less	$ 1,626.8
After three months through six months	1,821.8
After six months through twelve months	3,420.8
After twelve months	2,967
Total	$ 9,836.4

Deposits (Narrative) (Details)

Deposits (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Deposits [Abstract]
Aggregate time deposits, $250,000 or more	$ 2,612.4	$ 4,705.6

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - Entity	Mar. 31, 2020	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Consolidated VIEs	0	0

Variable Interest Entities (Ass

Variable Interest Entities (Assets and Liabilities in Unconsolidated VIEs) (Details) - Unconsolidated Variable Interest Entities (VIEs) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Partnership Investment
Variable Interest Entity [Line Items]
Total Assets	$ 390.2	$ 361.1
Total Liabilities	119.1	120.1
Maximum loss exposure	390.2	361.1
Commitments to tax credit investments | Partnership Investment
Variable Interest Entity [Line Items]
Total Liabilities	119.1	120.1
Debt Securities
Variable Interest Entity [Line Items]
Total Assets	5,550.4	5,338.6
Maximum loss exposure	5,550.4	5,338.6
Debt Securities | Agency securities
Variable Interest Entity [Line Items]
Total Assets	5,550.4	5,338.6
Equity securities
Variable Interest Entity [Line Items]
Total Assets	102.9	84
Equity securities | Tax credit equity investments
Variable Interest Entity [Line Items]
Total Assets	$ 287.3	$ 277.1

Borrowings (Schedule of Long-Te

Borrowings (Schedule of Long-Term Borrowings) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term borrowings	$ 8,094.3	$ 6,473.4
CIT Group Inc.
Debt Instrument [Line Items]
Long-term borrowings	3,922.9
Subsidiaries
Debt Instrument [Line Items]
Long-term borrowings	4,171.4
Senior unsecured
Debt Instrument [Line Items]
Long-term borrowings	3,975.5	3,967.9
Senior unsecured | CIT Group Inc.
Debt Instrument [Line Items]
Long-term borrowings	3,428.4
Senior unsecured | Subsidiaries
Debt Instrument [Line Items]
Long-term borrowings	547.1
Subordinated debt
Debt Instrument [Line Items]
Long-term borrowings	494.5	494.4
Subordinated debt | CIT Group Inc.
Debt Instrument [Line Items]
Long-term borrowings	494.5
FHLB advances
Debt Instrument [Line Items]
Long-term borrowings	3,050	1,650
FHLB advances | Subsidiaries
Debt Instrument [Line Items]
Long-term borrowings	3,050
Other secured and structured financings
Debt Instrument [Line Items]
Long-term borrowings	561.3	$ 361.1
Other secured and structured financings | Subsidiaries
Debt Instrument [Line Items]
Long-term borrowings	561.3
Securities sold under agreement to repurchase
Debt Instrument [Line Items]
Long-term borrowings	13
Securities sold under agreement to repurchase | Subsidiaries
Debt Instrument [Line Items]
Long-term borrowings	$ 13

Borrowings (Narrative) (Details

Borrowings (Narrative) (Details)		3 Months Ended
		Mar. 31, 2020USD ($)subsidiary	Mar. 31, 2019	Dec. 31, 2019USD ($)	Apr. 04, 2017
Debt Instrument [Line Items]
Tier 1 Capital minimum ratio	[1]	8.50%		8.50%
Pledged assets		$ 15,800,000,000
Pledged assets, loans		12,800,000,000
Pledged assets, investments		3,000,000,000
FHLB advances, financing availability		8,758,500,000		$ 6,350,500,000
FHLB advances, unused and available		$ 5,708,500,000		$ 4,700,500,000
FHLB advances, weighted average percentage rates		1.03%		2.04%
FHLB advances		$ 3,050,000,000		$ 1,650,000,000
Pledged assets		10,314,300,000		6,987,600,000
Pledged assets		2,388,500,000		2,205,900,000
Long-term borrowings		8,094,300,000		6,473,400,000
Federal Reserve System ("FRB")
Debt Instrument [Line Items]
Long-term borrowings		0		0
CIT-owned Subsidiaries
Debt Instrument [Line Items]
Secured borrowings		561,300,000		$ 361,100,000
Long-term borrowings		$ 4,171,400,000
Other secured and structured financings
Debt Instrument [Line Items]
Secured borrowings, weighted average percentage rate		2.27%		3.03%
Long-term borrowings		$ 561,300,000		$ 361,100,000
Other secured and structured financings | CIT-owned Subsidiaries
Debt Instrument [Line Items]
Long-term borrowings		561,300,000
High quality liquid securities
Debt Instrument [Line Items]
FHLB advances, financing availability		2,879,500,000
FHLB advances, unused and available		2,879,500,000
FHLB amount of advance		3,006,300,000
Pledged assets		$ 3,006,300,000		$ 50,400,000
Maximum | Other secured and structured financings
Debt Instrument [Line Items]
Secured borrowings, weighted average percentage rate		3.58%
Minimum | Other secured and structured financings
Debt Instrument [Line Items]
Secured borrowings, weighted average percentage rate		2.24%
Weighted Avg.
Debt Instrument [Line Items]
FHLB advances, weighted average percentage rates		1.03%		2.04%
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, total commitment amount		$ 300,000,000		$ 400,000,000
Tier 1 Capital minimum ratio					8.50%
Revolving credit facility, domestic operating subsidiary guarantors | subsidiary		3
Revolving credit facility, maturity date			Mar. 1, 2021
Revolving credit facility, extended maturity date			Nov. 1, 2021
Revolving credit facility, minimum guarantor asset coverage ratio		1.25
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Revolving credit facility, minimum guarantor asset coverage ratio		1.5
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Revolving credit facility, minimum guarantor asset coverage ratio		1
Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Debt, applicable margin (percentage)		1.75%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Debt, applicable margin (percentage)		0.75%
Letters of Credit
Debt Instrument [Line Items]
Revolving credit facility, total commitment amount		$ 100,000,000
Outstanding borrowings		40,000,000
Revolving Credit Facility, Not Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, total commitment amount		$ 200,000,000
[1]	stated minimums of 4.5%, 6% and 8% for CET1 capital, Tier 1 capital and Total capital ratios, respectively, plus

Borrowings (Schedule of FHLB Ba

Borrowings (Schedule of FHLB Balances) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
FHLB advances, financing availability	$ 8,758.5	$ 6,350.5
Advances	(3,050)	(1,650)
Available capacity	5,708.5	4,700.5
Pledged assets	$ 10,314.3	$ 6,987.6
FHLB advances, weighted average percentage rates	1.03%	2.04%
Lending assets
Debt Instrument [Line Items]
FHLB advances, financing availability	$ 5,879
Advances	(3,050)
Available capacity	2,829
Pledged assets	7,308
High quality liquid securities
Debt Instrument [Line Items]
FHLB advances, financing availability	2,879.5
Available capacity	2,879.5
Pledged assets	$ 3,006.3	$ 50.4

Borrowings (Schedule of FHLB _2

Borrowings (Schedule of FHLB Balances) (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Pledged assets	$ 10,314.3	$ 6,987.6
High quality liquid securities
Debt Instrument [Line Items]
Pledged assets	$ 3,006.3	$ 50.4

Derivative Financial Instrume_3

Derivative Financial Instruments (Notional Amount and Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	$ 21,589.5	$ 21,212
Asset Fair Value	546.5	190.7
Liability Fair Value	(95.1)	(32)
Less: Gross amounts offset in the Consolidated Balance Sheets, Asset Fair Value	0	0
Less: Gross amounts offset in the Consolidated Balance Sheets, Liability Fair Value	0	0
Less: Amounts subject to master netting agreements, Asset Fair Value	(17.2)	(11.8)
Less: Amounts subject to master netting agreements, Liability Fair Value	17.2	11.8
Cash collateral pledged (received) subject to master netting agreements, Asset Fair Value	(2.2)	(1.2)
Cash collateral pledged (received) subject to master netting agreements Liability Fair Value	47.5	14.3
Total net derivative fair values, Asset Fair Value	527.1	177.7
Total net derivative fair values, Liability Fair Value	(30.4)	(5.9)
Net amount presented in the Consolidated Balance Sheets, Derivative assets	546.5	190.7
Net amount presented in the Consolidated Balance Sheets, Derivative liabilities	(95.1)	(32)
Derivatives designated as hedging instruments (Qualifying Hedges)
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	539.6	1,926.3
Asset Fair Value	0.7	0
Liability Fair Value	0	(10.6)
Derivatives designated as hedging instruments (Qualifying Hedges) | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	39.6	676.3
Asset Fair Value	0.7	0
Liability Fair Value	0	(10.6)
Derivatives designated as hedging instruments (Qualifying Hedges) | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	500	1,250
Asset Fair Value	0	0
Liability Fair Value	0	0
Derivatives not designated as hedging instruments (Non-qualifying Hedges)
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	21,049.9	19,285.7
Asset Fair Value	545.8	190.7
Liability Fair Value	(95.1)	(21.4)
Derivatives not designated as hedging instruments (Non-qualifying Hedges) | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	524.4	982.9
Asset Fair Value	20.2	13.7
Liability Fair Value	(12.4)	(6.1)
Derivatives not designated as hedging instruments (Non-qualifying Hedges) | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	19,740.1	17,588.1
Asset Fair Value	524.8	176.9
Liability Fair Value	(80.1)	(14.5)
Derivatives not designated as hedging instruments (Non-qualifying Hedges) | Other contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	785.4	714.7
Asset Fair Value	0.8	0.1
Liability Fair Value	$ (2.6)	$ (0.8)

Derivative Financial Instrume_4

Derivative Financial Instruments (Notional Amount and Fair Values of Derivative Financial Instruments) (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Variable margin balances, assets	$ 13.2	$ 16.2
Variable margin balances, liabilities	$ 416.1	$ 142.8

Derivative Financial Instrume_5

Derivative Financial Instruments (Gains (Losses) of Fair Value Hedges Recognized as Interest Expense) (Details) - Fair Value Hedges - Qualifying Hedges - Interest Expense - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Recognized on Derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Net recognized on fair value hedges (No ineffectiveness)	$ 6.1	$ 1
Recognized on Hedged Item
Derivative Instruments, Gain (Loss) [Line Items]
Net recognized on fair value hedges (No ineffectiveness)	$ (6.1)	$ (1)

Derivative Financial Instrume_6

Derivative Financial Instruments (Carrying Value of Hedged Items and Associated Cumulative Hedging Adjustment Relating for Fair Value Hedges) (Details) - Fair Value Hedges - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Carrying Value
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt	$ 1,752.1	$ 1,747
Carrying Value | Derivatives not designated as hedging instruments (Non-qualifying Hedges)
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt	1,246.4	499.4
Fair Value | Derivatives designated as hedging instruments (Qualifying Hedges)
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt	6.9	2.1
Fair Value | Derivatives not designated as hedging instruments (Non-qualifying Hedges)
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt	$ 2.6	$ 1.5

Derivative Financial Instrume_7

Derivative Financial Instruments (Carrying Value of Hedged Items and Associated Cumulative Hedging Adjustment Relating for Fair Value Hedges) (Parenthetical) (Details) - Fair Value Hedges - Carrying Value - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt	$ 1,752.1	$ 1,747
Derivatives not designated as hedging instruments (Non-qualifying Hedges)
Derivative Instruments, Gain (Loss) [Line Items]
Long-term Debt	$ 1,246.4	$ 499.4

Derivative Financial Instrume_8

Derivative Financial Instruments (Pre-tax Net Gains (Losses) Relating to Derivatives Designated as Net Investment Hedges) (Details) - Qualifying Hedges - Foreign currency forward contracts - Net Investment Hedges - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from AOCI to income	$ 0	$ 0
Amounts recorded in Other Comprehensive Income	1.1	(13.3)
Total change in AOCI for period	$ 1.1	$ (13.3)

Derivative Financial Instrume_9

Derivative Financial Instruments (Gains (Losses) of Non-Qualifying Hedges Recognized as Other Non-interest Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Non-qualifying hedges - income statement impact	$ 8.5	$ 13.5
Non-Qualifying Hedges | Interest rate contracts | Other Non-Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Non-qualifying hedges - income statement impact		0.1
Non-Qualifying Hedges | Foreign currency forward contracts | Other Non-Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Non-qualifying hedges - income statement impact	10.9	13.3
Non-Qualifying Hedges | Other contracts | Other Non-Interest Income
Derivative Instruments, Gain (Loss) [Line Items]
Non-qualifying hedges - income statement impact	$ (2.4)	$ 0.1

Fair Value (Assets and Liabilit

Fair Value (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value	$ 5,854.7	$ 6,011.8
Securities carried at fair value with changes recorded in net income	0	47.2
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value	9.3	11.3
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value	5,854.7	6,011.8
Securities carried at fair value with changes recorded in net income		47.2
Total derivative assets at fair value — non-qualifying hedges	545.8	190.7
Total Assets	6,401.2	6,249.7
FDIC True-up liability	(69.3)	(68.8)
Total Liabilities	(164.4)	(100.8)
Recurring | Derivatives not designated as hedging instruments (Non-qualifying Hedges)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative liabilities at fair value — non-qualifying hedges	(95.1)	(21.4)
Recurring | Derivatives designated as hedging instruments (Qualifying Hedges)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets at fair value — non-qualifying hedges	0.7
Total derivative liabilities at fair value — non-qualifying hedges		(10.6)
Recurring | Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets at fair value — non-qualifying hedges	524.8	176.9
Total derivative liabilities at fair value — non-qualifying hedges	(80.1)	(14.5)
Recurring | Other Derivative Non qualifying Hedges | Derivatives not designated as hedging instruments (Non-qualifying Hedges)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets at fair value — non-qualifying hedges	21	13.8
Total derivative liabilities at fair value — non-qualifying hedges	(15)	(6.9)
Recurring | Foreign Currency Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets at fair value — non-qualifying hedges	0.7
Total derivative liabilities at fair value — non-qualifying hedges		(10.6)
Recurring | Residential MBS – U.S. government/sponsored agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value	4,392	4,773.8
Recurring | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value	9.3	11.3
Recurring | Other Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value	1,453.4	1,226.7
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value		4.7
Securities carried at fair value with changes recorded in net income		0.1
Total derivative assets at fair value — non-qualifying hedges		0
Total Assets		4.8
FDIC True-up liability		0
Total Liabilities		0
Recurring | Level 1 | Derivatives not designated as hedging instruments (Non-qualifying Hedges)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative liabilities at fair value — non-qualifying hedges		0
Recurring | Level 1 | Derivatives designated as hedging instruments (Qualifying Hedges)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets at fair value — non-qualifying hedges	0
Total derivative liabilities at fair value — non-qualifying hedges		0
Recurring | Level 1 | Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets at fair value — non-qualifying hedges		0
Total derivative liabilities at fair value — non-qualifying hedges		0
Recurring | Level 1 | Other Derivative Non qualifying Hedges | Derivatives not designated as hedging instruments (Non-qualifying Hedges)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets at fair value — non-qualifying hedges		0
Total derivative liabilities at fair value — non-qualifying hedges		0
Recurring | Level 1 | Foreign Currency Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative liabilities at fair value — non-qualifying hedges		0
Recurring | Level 1 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value		4.7
Recurring | Level 1 | Other Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value		0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value	5,789	5,940
Securities carried at fair value with changes recorded in net income		47.1
Total derivative assets at fair value — non-qualifying hedges	544.3	190.4
Total Assets	6,334	6,177.5
FDIC True-up liability		0
Total Liabilities	(92.5)	(31.2)
Recurring | Level 2 | Derivatives not designated as hedging instruments (Non-qualifying Hedges)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative liabilities at fair value — non-qualifying hedges	(92.5)	(20.6)
Recurring | Level 2 | Derivatives designated as hedging instruments (Qualifying Hedges)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets at fair value — non-qualifying hedges	0.7
Total derivative liabilities at fair value — non-qualifying hedges		(10.6)
Recurring | Level 2 | Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets at fair value — non-qualifying hedges	524.1	176.7
Total derivative liabilities at fair value — non-qualifying hedges	(80.1)	(14.5)
Recurring | Level 2 | Other Derivative Non qualifying Hedges | Derivatives not designated as hedging instruments (Non-qualifying Hedges)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets at fair value — non-qualifying hedges	20.2	13.7
Total derivative liabilities at fair value — non-qualifying hedges	(12.4)	(6.1)
Recurring | Level 2 | Foreign Currency Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets at fair value — non-qualifying hedges	0.7
Total derivative liabilities at fair value — non-qualifying hedges		(10.6)
Recurring | Level 2 | Residential MBS – U.S. government/sponsored agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value	4,392	4,773.8
Recurring | Level 2 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value	9.3	6.6
Recurring | Level 2 | Other Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value	1,387.7	1,159.6
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value	65.7	67.1
Securities carried at fair value with changes recorded in net income		0
Total derivative assets at fair value — non-qualifying hedges	1.5	0.3
Total Assets	67.2	67.4
FDIC True-up liability	(69.3)	(68.8)
Total Liabilities	(71.9)	(69.6)
Recurring | Level 3 | Derivatives not designated as hedging instruments (Non-qualifying Hedges)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative liabilities at fair value — non-qualifying hedges	(2.6)	(0.8)
Recurring | Level 3 | Derivatives designated as hedging instruments (Qualifying Hedges)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets at fair value — non-qualifying hedges	0
Total derivative liabilities at fair value — non-qualifying hedges		0
Recurring | Level 3 | Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets at fair value — non-qualifying hedges	0.7	0.2
Total derivative liabilities at fair value — non-qualifying hedges		0
Recurring | Level 3 | Other Derivative Non qualifying Hedges | Derivatives not designated as hedging instruments (Non-qualifying Hedges)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative assets at fair value — non-qualifying hedges	0.8	0.1
Total derivative liabilities at fair value — non-qualifying hedges	(2.6)	(0.8)
Recurring | Level 3 | Foreign Currency Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative liabilities at fair value — non-qualifying hedges		0
Recurring | Level 3 | U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value		0
Recurring | Level 3 | Other Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, Fair Value	$ 65.7	$ 67.1

Fair Value (Quantitative Inform

Fair Value (Quantitative Information about Level 3 Fair Value Measurements-Recurring) (Details) $ in Millions	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value - assets	$ 6,401.2	$ 6,249.7
Estimated fair value liabilities	(164.4)	(100.8)
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value - assets	67.2	67.4
Estimated fair value liabilities	(71.9)	(69.6)
Level 3 | Derivative Assets — Non-Qualifying
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value - assets	1.5	$ 0.3
Level 3 | FDIC True-up Liability | Discount Rate | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability measurement input		2.2
Level 3 | FDIC True-up Liability | Weighted Avg. | Discount Rate | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability measurement input		2.2
Level 3 | FDIC True-up Liability | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value liabilities	(69.3)	$ (68.8)
Level 3 | Derivative Liabilities — Non-Qualifying
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value liabilities	$ (2.6)	$ (0.8)
Level 3 | Debt Securities — AFS | Minimum | Discount Rate | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities — AFS measurement input	6	6
Level 3 | Debt Securities — AFS | Maximum | Discount Rate | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities — AFS measurement input	6.2	6.2
Level 3 | Debt Securities — AFS | Weighted Avg. | Discount Rate | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities — AFS measurement input	6.1	6
Level 3 | Debt Securities — AFS | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value - assets	$ 65.7	$ 67.1
Level 3 | Derivative Assets — Non-Qualifying | Minimum | Borrower Rate | Internal Valuation Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets — non qualifying, measurement input	2.6	2.8
Level 3 | Derivative Assets — Non-Qualifying | Maximum | Borrower Rate | Internal Valuation Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets — non qualifying, measurement input	4.8	5
Level 3 | Derivative Assets — Non-Qualifying | Weighted Avg. | Borrower Rate | Internal Valuation Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets — non qualifying, measurement input	3.2	3.6

Fair Value (Changes in Estimate

Fair Value (Changes in Estimated Fair Value for Financial Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Securities — AFS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 67.1	$ 65.9
Included in earnings	0	0
Included in comprehensive income	(1.4)	1.3
Ending Balance	65.7	67.2
Derivative Assets — Non-Qualifying
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0.3	0.4
Included in earnings	1.2	(0.1)
Included in comprehensive income	0	0
Ending Balance	1.5	0.3
FDIC True-up Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(68.8)	(66.9)
Included in earnings	(0.5)	(0.5)
Included in comprehensive income	0	0
Ending Balance	(69.3)	(67.4)
Derivative Liabilities — Non-Qualifying
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	(0.8)	0
Included in earnings	(1.8)	(0.1)
Included in comprehensive income	0	0
Ending Balance	$ (2.6)	$ (0.1)

Fair Value (Carrying Value of A

Fair Value (Carrying Value of Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	$ 49.2	$ 29.6
Carrying Value | Non-Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	27.1	22.6
Collateral-dependent loans	12.8
Impaired loans		244.8
Tax credit investments	0	82
Mortgage Servicing Rights	7.8
Total Assets	47.7	349.4
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	49.4	29.7
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	0	0
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	21.3	7.5
Fair Value | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	28.1	22.2
Fair Value | Non-Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	0	0
Collateral-dependent loans	0
Impaired loans		0
Tax credit investments	0	0
Mortgage Servicing Rights	0
Total Assets	0	0
Fair Value | Non-Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	2.7	1.9
Collateral-dependent loans	0
Impaired loans		0
Tax credit investments	0	0
Mortgage Servicing Rights	0
Total Assets	2.7	1.9
Fair Value | Non-Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	24.4	20.7
Collateral-dependent loans	12.8
Impaired loans		244.8
Tax credit investments	0	82
Mortgage Servicing Rights	7.8
Total Assets	45	347.5
Total Gains (Losses) | Non-Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held for sale	(4)	2.2
Collateral-dependent loans	(26.6)
Impaired loans		(73.5)
Tax credit investments	0	(5.1)
Mortgage Servicing Rights	(2)
Total Assets	$ (32.6)	$ (76.4)

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2019	Mar. 31, 2020
Fair Value Disclosure [Line Items]
Impairment loss on tax credit investments	$ 5,100,000
Securities purchased under agreements to resell outstanding	950,000,000
Level 2
Fair Value Disclosure [Line Items]
Securities purchased under agreements to resell outstanding		$ 0
Unsecured borrowings	4,500,000,000	4,500,000,000
Face amount	1,700,000,000	3,100,000,000
Level 3
Fair Value Disclosure [Line Items]
Face amount	$ 400,000,000	$ 600,000,000

Fair Value (Carrying and Estima

Fair Value (Carrying and Estimated Fair Values of Financial Instruments) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Financial Assets
Cash and interest bearing deposits	$ 3,477,800,000	$ 1,695,500,000	$ 1,190,100,000
Securities purchased under agreement to resell		950,000,000
Financial Liabilities
Credit balances of factoring clients	(1,023,700,000)	(1,176,200,000)	$ (1,651,300,000)
Level 2
Financial Assets
Securities purchased under agreement to resell	0
Carrying Value
Financial Assets
Cash and interest bearing deposits	3,698,500,000	2,685,600,000
Assets held for sale (excluding leases)	49,200,000	29,600,000
Loans (excluding leases)	36,278,900,000	28,744,500,000
Securities purchased under agreement to resell		950,000,000
Investment securities	273,900,000	217,800,000
Other assets subject to fair value disclosure	566,200,000	418,200,000
Financial Liabilities
Deposits	(42,182,000,000)	(35,156,200,000)
Borrowings	(8,121,400,000)	(6,549,600,000)
Credit balances of factoring clients	(1,023,700,000)	(1,176,200,000)
Other liabilities subject to fair value disclosure	(637,200,000)	(831,600,000)
Fair Value
Financial Assets
Cash and interest bearing deposits	3,698,500,000	2,685,600,000
Assets held for sale (excluding leases)	49,400,000	29,700,000
Loans (excluding leases)	33,262,800,000	28,798,800,000
Securities purchased under agreement to resell		950,000,000
Investment securities	273,900,000	217,800,000
Other assets subject to fair value disclosure	566,200,000	418,200,000
Financial Liabilities
Deposits	(42,334,200,000)	(35,263,800,000)
Borrowings	(7,982,500,000)	(6,897,200,000)
Credit balances of factoring clients	(1,023,700,000)	(1,176,200,000)
Other liabilities subject to fair value disclosure	(637,200,000)	(831,600,000)
Fair Value | Level 1
Financial Assets
Cash and interest bearing deposits	3,698,500,000	2,685,600,000
Assets held for sale (excluding leases)	0	0
Loans (excluding leases)	0	0
Securities purchased under agreement to resell		0
Investment securities	0	0
Other assets subject to fair value disclosure	0	0
Financial Liabilities
Deposits	0	0
Borrowings	0	0
Credit balances of factoring clients	0	0
Other liabilities subject to fair value disclosure	0	0
Fair Value | Level 2
Financial Assets
Cash and interest bearing deposits	0	0
Assets held for sale (excluding leases)	21,300,000	7,500,000
Loans (excluding leases)	855,900,000	1,114,500,000
Securities purchased under agreement to resell		950,000,000
Investment securities	0	0
Other assets subject to fair value disclosure	0	0
Financial Liabilities
Deposits	0	0
Borrowings	(7,430,600,000)	(6,532,000,000)
Credit balances of factoring clients	0	0
Other liabilities subject to fair value disclosure	0	0
Fair Value | Level 3
Financial Assets
Cash and interest bearing deposits	0	0
Assets held for sale (excluding leases)	28,100,000	22,200,000
Loans (excluding leases)	32,406,900,000	27,684,300,000
Securities purchased under agreement to resell		0
Investment securities	273,900,000	217,800,000
Other assets subject to fair value disclosure	566,200,000	418,200,000
Financial Liabilities
Deposits	(42,334,200,000)	(35,263,800,000)
Borrowings	(551,900,000)	(365,200,000)
Credit balances of factoring clients	(1,023,700,000)	(1,176,200,000)
Other liabilities subject to fair value disclosure	$ (637,200,000)	$ (831,600,000)

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) shares in Millions	Jan. 01, 2020shares
MOB | Common Stock
Equity Class Of Treasury Stock [Line Items]
Number of shares issued	3.1

Stockholder's Equity (Schedule

Stockholder's Equity (Schedule of Common Stock Activity) (Details)	3 Months Ended
	Mar. 31, 2020shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, outstanding (in shares)	94,742,564
Beginning balance, issued (in shares)	162,188,287
Common stock issuance - acquisition	3,094,697
Restricted stock issued (in shares)	777,774
Shares held to cover taxes on vesting restricted shares and other (in shares)	(297,803)
Employee stock purchase plan participation (in shares)	48,882
Ending balance, outstanding (in shares)	98,366,114
Ending balance, issued (in shares)	163,014,943
Issued
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, issued (in shares)	162,188,287
Restricted stock issued (in shares)	777,774
Employee stock purchase plan participation (in shares)	48,882
Ending balance, issued (in shares)	163,014,943
Less Treasury
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, outstanding (in shares)	(67,445,723)
Common stock issuance - acquisition	3,094,697
Shares held to cover taxes on vesting restricted shares and other (in shares)	(297,803)
Ending balance, outstanding (in shares)	(64,648,829)

Stockholders' Equity (Component

Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss) ("AOCI")) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross Unrealized	$ 120.8	$ (39.6)
Income Taxes	(54)	(12.5)
Net Unrealized	66.8	(52.1)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross Unrealized	(2.5)	(1.9)
Income Taxes	(7.5)	(7.2)
Net Unrealized	(10)	(9.1)
Changes in benefit plans net (loss) gains and prior service (cost)/credit
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross Unrealized	(47.5)	(51.3)
Income Taxes	(2.3)	(1.3)
Net Unrealized	(49.8)	(52.6)
Unrealized net gains on securities AFS
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross Unrealized	170.8	13.6
Income Taxes	(44.2)	(4)
Net Unrealized	$ 126.6	$ 9.6

Stockholders' Equity (Changes i

Stockholders' Equity (Changes in Accumulated Other Comprehensive Income (Loss) by Component) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adoption of ASUs 2016-01 and 2018-02			$ (82.4)
Net current period AOCI	$ 118.9	$ 53.1
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(9.1)	(20.9)
AOCI activity before reclassifications	(0.9)	5.7
Net current period AOCI	(0.9)	5.7
Ending balance	(10)	(15.2)
Changes in benefit plans net (loss) gains and prior service (cost)/credit
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(52.6)	(70.2)
AOCI activity before reclassifications	2.6	2.2
Amounts reclassified from AOCI	0.2
Net current period AOCI	2.8	2.2
Ending balance	(49.8)	(68)
Unrealized net gains (losses) on AFS securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	9.6	(87.2)
AOCI activity before reclassifications	126.3	46
Amounts reclassified from AOCI	(9.3)	(0.8)
Net current period AOCI	117	45.2
Ending balance	126.6	(42)
Total AOCI
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(52.1)	(178.3)
AOCI activity before reclassifications	128	53.9
Amounts reclassified from AOCI	(9.1)	(0.8)
Net current period AOCI	118.9	53.1
Ending balance	$ 66.8	$ (125.2)

Stockholders' Equity (Before- a

Stockholders' Equity (Before- and After-Tax components of OCI) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross Amount	$ 160.4	$ 66.1
Tax	(41.5)	(13)
Net current period AOCI	118.9	53.1
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross Amount	(0.6)	2.3
Tax	(0.3)	3.4
Net current period AOCI	(0.9)	5.7
Foreign currency translation adjustments | AOCI activity before reclassification
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross Amount	(0.6)	2.3
Tax	(0.3)	3.4
Net current period AOCI	(0.9)	5.7
Changes in benefit plan net loss and prior service (cost)/credit losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross Amount	3.8	2.9
Tax	(1)	(0.7)
Net current period AOCI	2.8	2.2
Changes in benefit plan net loss and prior service (cost)/credit losses | Reclassifications Out of AOCI | Operating Expenses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross Amount	0.2
Net current period AOCI	0.2
Changes in benefit plan net loss and prior service (cost)/credit losses | AOCI activity before reclassification
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross Amount	3.6	2.9
Tax	(1)	(0.7)
Net current period AOCI	2.6	2.2
Unrealized net gains on securities AFS
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross Amount	157.2	60.9
Tax	(40.2)	(15.7)
Net current period AOCI	117	45.2
Unrealized net gains on securities AFS | Reclassifications Out of AOCI | Other Non-interest income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross Amount	(12.5)	(1.1)
Tax	3.2	0.3
Net current period AOCI	(9.3)	(0.8)
Unrealized net gains on securities AFS | AOCI activity before reclassification
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross Amount	169.7	62
Tax	(43.4)	(16)
Net current period AOCI	$ 126.3	$ 46

Regulatory Capital (Narrative)

Regulatory Capital (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2020	Jan. 01, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Option to delay term	2 years
Transition period	3 years
Transition period start date	Jan. 1, 2022
Initial non-PCD Charge	$ 106
Percentage of scaling factor of change in reserve for Non-PCD Loans	25.00%
Percentage of scaling factor of change in Non-PCD ACL year two	25.00%
Percentage of transitional benefits recognized in regulatory capital in year three	75.00%
Percentage of transitional benefits recognized in regulatory capital in year four	50.00%
Percentage of transitional benefits recognized in regulatory capital in year five	25.00%
Increase to CET1 Capital	$ 188
Mutual of Omaha Bank ("MOB")
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Initial non-PCD Charge	$ 424
Initial non-PCD charge percentage	25.00%
ASU 2016-13 | Retained Earnings
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Cumulative effect adjustment, decrease in retained earnings		$ 82.4

Regulatory Capital (Tier 1 Capi

Regulatory Capital (Tier 1 Capital And Total Capital Components) (Details) - USD ($) $ in Millions		Mar. 31, 2020	Dec. 31, 2019
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common Equity Tier 1 Capital		$ 5,158.1	$ 5,444.4
Tier 1 Capital		5,682.9	5,969.3
Total Capital		6,842.3	6,983.3
Risk-Weighted Assets		$ 52,973	$ 45,262
Common Equity Tier 1 Capital Ratio:
Actual		9.70%	12.00%
Effective minimum ratios under Basel III guidelines	[1]	7.00%	7.00%
BHC and PCA Well-Capitalized	[2]
Tier 1 Capital Ratio:
Actual		10.70%	13.20%
Effective minimum ratios under Basel III guidelines	[1]	8.50%	8.50%
BHC and PCA Well-Capitalized		6.00%	6.00%
Total Capital Ratio:
Actual		12.90%	15.40%
Effective minimum ratios under Basel III guidelines	[1]	10.50%	10.50%
BHC and PCA Well-Capitalized		10.00%	10.00%
Tier 1 Leverage Ratio:
Actual		9.80%	11.90%
Required minimum ratios under Basel III guidelines(1)		4.00%	4.00%
BHC and PCA Well-Capitalized	[2]
CIT Bank, N.A.
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common Equity Tier 1 Capital		$ 4,677.7	$ 4,879.6
Tier 1 Capital		4,677.7	4,879.6
Total Capital		5,545.7	5,644.3
Risk-Weighted Assets		$ 45,160.2	$ 37,150.5
Common Equity Tier 1 Capital Ratio:
Actual		10.40%	13.10%
Effective minimum ratios under Basel III guidelines	[1]	7.00%	7.00%
BHC and PCA Well-Capitalized		6.50%	6.50%
Tier 1 Capital Ratio:
Actual		10.40%	13.10%
Effective minimum ratios under Basel III guidelines	[1]	8.50%	8.50%
BHC and PCA Well-Capitalized		8.00%	8.00%
Total Capital Ratio:
Actual		12.30%	15.20%
Effective minimum ratios under Basel III guidelines	[1]	10.50%	10.50%
BHC and PCA Well-Capitalized		10.00%	10.00%
Tier 1 Leverage Ratio:
Actual		8.90%	11.00%
Required minimum ratios under Basel III guidelines(1)		4.00%	4.00%
BHC and PCA Well-Capitalized		5.00%	5.00%
[1]	stated minimums of 4.5%, 6% and 8% for CET1 capital, Tier 1 capital and Total capital ratios, respectively, plus
[2]

Regulatory Capital (Tier 1 Ca_2

Regulatory Capital (Tier 1 Capital And Total Capital Components) (Parenthetical) (Details)	Mar. 31, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common equity Tier 1 Capital ratio, minimum stated	4.50%
Tier 1 capital ratio, minimum stated	6.00%
Total capital ratio, minimum stated	8.00%
Capital conservation buffer rate	2.50%
CIT Bank, N.A.
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Capital conservation buffer rate	2.50%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate percentage	10.40%	24.10%

Commitments (Summary of Commitm

Commitments (Summary of Commitments) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Financing assets - Due to Expire Within One Year	$ 3,477
Financing assets - Due to Expire After One Year	4,893.9
Financing assets - Total Outstanding	8,370.9	$ 6,459.7
Standby letters of credit - Due to Expire Within One Year	52.5
Standby letters of credit - Due to Expire After One Year	178.8
Standby letters of credit - Total Outstanding	231.3	199.6
Other letters of credit - Due to Expire Within One Year	7.3
Other letters of credit - Due to Expire After One Year	3.1
Other letters of credit - Total Outstanding	10.4	6.7
Deferred purchase credit protection agreements - Due to Expire Within One Year	1,556.1
Deferred purchase credit protection agreements - Total Outstanding	1,556.1	2,060.6
Rail and other purchase commitments - Due to Expire Within One Year	690.6
Rail and other purchase commitments - Total Outstanding	$ 690.6	$ 813.7

Commitments (Narrative) (Detail

Commitments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Commitments [Line Items]
Financing commitments to trade finance clients that are cancelable only after a notice period, amount	$ 175	$ 172
Deferred Purchase Agreements
Commitments [Line Items]
DPA, borrowings by client	131.2
DPA credit protection provided to clients	1,492	1,966
DPA credit line agreements net of deferred purchase agreement credit protection	$ 64	$ 94
Maximum
Commitments [Line Items]
Typical notice period	90 days
Maximum | Deferred Purchase Agreements
Commitments [Line Items]
DPA credit line agreements, cancellation notice period	90 days

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2019USD ($)	Mar. 31, 2020USD ($)Lawsuit
Contingencies [Line Items]
Individual lawsuits Filed | Lawsuit		43
Litigation settlement amount	$ 9,250
Maximum
Contingencies [Line Items]
Amount of losses in excess of established reserves and insurance related to those matters		$ 35,000

Business Segment Information (S

Business Segment Information (Segment Pre-Tax Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Pre-tax Income (Loss)
Interest income	$ 513.6	$ 516.5
Interest expense (benefit)	225.7	235.6
Provision for credit losses	513.9	33
Rental income on operating leases	209.8	217.7
Other non-interest income	130.6	96.8
Depreciation on operating lease equipment	78.3	79.4
Maintenance and other operating lease expenses	53.6	49.8
Goodwill impairment	344.7
Operating expenses/loss on debt extinguishment and deposit redemption	334.4	276.2
(Loss) income from continuing operations before (benefit) provision for income taxes	(696.6)	157
Select Period End Balances
Loans	38,530.4	31,247	$ 30,998.9
Credit balances of factoring clients	(1,023.7)	(1,651.3)	(1,176.2)
Assets held for sale	73.2	79.4	32.1
Operating lease equipment, net	7,488.1	6,989.5	7,319.7
Corporate
Segment Pre-tax Income (Loss)
Interest income	44.1	64.4
Interest expense (benefit)	72.3	75.5
Other non-interest income	29.3	14.5
Operating expenses/loss on debt extinguishment and deposit redemption	19	1.7
(Loss) income from continuing operations before (benefit) provision for income taxes	(17.9)	1.7
Select Period End Balances
Assets held for sale		18.8
Commercial Banking
Segment Pre-tax Income (Loss)
Provision for credit losses	508.9	35.1
Goodwill impairment	301.5
Select Period End Balances
Loans	30,022.7		24,393.4
Commercial Banking | Operating Segments
Segment Pre-tax Income (Loss)
Interest income	367.9	356.6
Interest expense (benefit)	163.5	199.4
Provision for credit losses	508.9	35.1
Rental income on operating leases	209.8	217.7
Other non-interest income	87.3	77.6
Depreciation on operating lease equipment	78.3	79.4
Maintenance and other operating lease expenses	53.6	49.8
Goodwill impairment	301.5
Operating expenses/loss on debt extinguishment and deposit redemption	213.3	180.7
(Loss) income from continuing operations before (benefit) provision for income taxes	(654.1)	107.5
Select Period End Balances
Loans	30,022.7	24,641.3
Credit balances of factoring clients	(1,023.7)	(1,651.3)
Assets held for sale	48.3	56.1
Operating lease equipment, net	7,488.1	6,989.5
Consumer Banking
Segment Pre-tax Income (Loss)
Provision for credit losses	5	(2.1)
Goodwill impairment	43.2
Select Period End Balances
Loans	8,507.7		$ 6,605.5
Consumer Banking | Operating Segments
Segment Pre-tax Income (Loss)
Interest income	101.6	95.5
Interest expense (benefit)	(10.1)	(39.3)
Provision for credit losses	5	(2.1)
Other non-interest income	14	4.7
Goodwill impairment	43.2
Operating expenses/loss on debt extinguishment and deposit redemption	102.1	93.8
(Loss) income from continuing operations before (benefit) provision for income taxes	(24.6)	47.8
Select Period End Balances
Loans	8,507.7	6,605.7
Assets held for sale	$ 24.9	$ 4.5

Goodwill And Intangible Asset_2

Goodwill And Intangible Assets (Summary of Goodwill) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Finite Lived Intangible Assets [Line Items]
Beginning Balance	$ 369.9
Additions	121.6
Impairment	(344.7)
Ending Balance	146.8
Commercial Banking
Finite Lived Intangible Assets [Line Items]
Beginning Balance	326.7
Additions	116.4
Impairment	(301.5)
Ending Balance	141.6
Consumer Banking
Finite Lived Intangible Assets [Line Items]
Beginning Balance	43.2
Additions	5.2
Impairment	(43.2)
Ending Balance	$ 5.2

Goodwill And Intangible Asset_3

Goodwill And Intangible Assets (Narrative) (Details) $ in Millions	Jan. 01, 2020USD ($)	Aug. 05, 2015USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Goodwill			$ 146.8	$ 369.9
Intangible assets acquired			102.6
Goodwill impairment			344.7
Accumulated amortization			124.8	116.3
Projected amortization for 2021			33.7
Projected amortization for 2022			32.2
Projected amortization for 2023			19.5
Projected amortization for 2024			13.4
Projected amortization for 2025			13.3
Core deposit intangibles
Business Acquisition [Line Items]
Intangible assets acquired			96.1
Accumulated amortization			86.6	79.7
Rail
Business Acquisition [Line Items]
Goodwill			25.2
Commercial Finance
Business Acquisition [Line Items]
Goodwill impairment			159.9
Real Estate Finance
Business Acquisition [Line Items]
Goodwill impairment			141.6
Consumer Banking
Business Acquisition [Line Items]
Goodwill impairment			$ 43.2
Maximum | Core deposit intangibles
Business Acquisition [Line Items]
Estimated useful life			7 years
Long-Term Revenue Growth Rate | Reporting Units
Business Acquisition [Line Items]
Fair value input rate			3
Discount Rate | Reporting Units | Minimum
Business Acquisition [Line Items]
Fair value input rate			10.25
Discount Rate | Reporting Units | Maximum
Business Acquisition [Line Items]
Fair value input rate			11.25
Control Premium | Reporting Units
Business Acquisition [Line Items]
Fair value input rate			40
MOB
Business Acquisition [Line Items]
Goodwill	$ 121.6
Intangible assets acquired	102.6
MOB | Core deposit intangibles
Business Acquisition [Line Items]
Intangible assets acquired	$ 96.1
Estimated useful life	10 years
Customer Relationships and Trade Names | OneWest Bank
Business Acquisition [Line Items]
Intangible assets acquired		$ 102.6
Commercial Banking
Business Acquisition [Line Items]
Goodwill			$ 141.6	326.7
Goodwill impairment			301.5
Commercial Banking | MOB
Business Acquisition [Line Items]
Goodwill	$ 116.4
Consumer Banking
Business Acquisition [Line Items]
Goodwill			5.2	$ 43.2
Goodwill impairment			$ 43.2
Consumer Banking | MOB
Business Acquisition [Line Items]
Goodwill	$ 5.2

Goodwill And Intangible Asset_4

Goodwill And Intangible Assets (Summary of Intangible Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 284.9	$ 182.3
Accumulated Amortization	(124.8)	(116.3)
Net Carrying Amount	160.1	66
Core deposit intangibles
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	222.4	126.3
Accumulated Amortization	(86.6)	(79.7)
Net Carrying Amount	135.8	46.6
Trade names
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	27.7	24.7
Accumulated Amortization	(13.6)	(12.7)
Net Carrying Amount	14.1	12
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	27.4	23.9
Accumulated Amortization	(17.2)	(16.2)
Net Carrying Amount	10.2	7.7
Other
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	7.4	7.4
Accumulated Amortization	$ (7.4)	(7.7)
Intangible Assets, Rentals Below Current Market Rates		$ (0.3)

Goodwill And Intangible Asset_5

Goodwill And Intangible Assets (Summary of Intangible Assets Rollforward) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Finite-lived Intangible Assets [Roll Forward]
Intangible Assets, Beginning Balance	$ 66
Intangible assets acquired	102.6
Amortization	(8.5)
Intangible Assets, Ending Balance	160.1
Core deposit intangibles
Finite-lived Intangible Assets [Roll Forward]
Intangible Assets, Beginning Balance	46.6
Intangible assets acquired	96.1
Amortization	(6.9)
Intangible Assets, Ending Balance	135.8
Trade names
Finite-lived Intangible Assets [Roll Forward]
Intangible Assets, Beginning Balance	12
Intangible assets acquired	3
Amortization	(0.9)
Intangible Assets, Ending Balance	14.1
Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Intangible Assets, Beginning Balance	7.7
Intangible assets acquired	3.5
Amortization	(1)
Intangible Assets, Ending Balance	10.2
Other
Finite-lived Intangible Assets [Roll Forward]
Intangible Assets, Rentals Below Current Market Rates	(0.3)
Intangible Assets Amortization, Rentals Below Current Market Rates	$ (0.3)