CIT Appoints Paul Tufaro As Executive Vice President And Chief Compliance OfficerTop Priorities Include Overseeing Programs Focused on Consumer Protection, Fair Lending and Anti-Financial CrimesTuesday, January 17, 2017 08:30 AM
NEW YORK, Jan. 17, 2017 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT), a leading provider of commercial lending and leasing services, today announced the appointment of Paul Tufaro as Executive Vice President, Chief Compliance Officer, effective immediately. Tufaro will report to Executive Vice President and Chief Risk Officer Robert Rowe.
"Paul's vast experience leading enterprise compliance risk management practices in the banking sector makes him a valued addition to CIT and our senior management team," said Rowe. "He brings to our organization two decades of experience in compliance and legal roles in prominent financial institutions and private legal practice, which will be critical as CIT continues to execute on our strategic initiatives."
In addition to managing CIT's Compliance department, Tufaro's primary responsibilities will include executing on enterprise-wide compliance programs focused on consumer protection, fair lending and anti-financial crimes. Tufaro will also work to ensure CIT fosters a culture of compliance and responsible finance across the organization.
"The business opportunities for the organization are significant, and CIT recognizes the importance of putting customers first and operating in a manner consistent with applicable laws, regulations, and ethical standards," said Tufaro. "I'm excited to be a part of the organization."
Tufaro joins CIT after six years at Citigroup Inc., where he most recently served as the global head of the corporate compliance group within the compliance department. In that role, he led a large team in executing the enterprise-wide prudential bank regulatory and privacy compliance programs, as well as core compliance processes, including those related to risk assessments, metrics and analytics, and corporate policy. Prior to Citigroup, he served in various roles in both legal and compliance at Bank of America Merrill Lynch, the Royal Bank of Scotland, and Evercore Partners. Earlier in his career, Tufaro worked as an attorney in the bank regulatory practices of the international law firms Mayer Brown and Sidley Austin.
Tufaro earned his Juris Doctor degree from American University and his bachelor's degree from Tufts University.
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Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing, and advisory services principally to middle-market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
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