CIT Group announced that David M. Moffett has been named to CIT's board of directors effective July 27, 2010. He will serve as a member of CIT's Audit Committee.

Moffett is the former CEO of Federal Home Loan Mortgage Corporation (Freddie Mac). Prior to this, he served as a senior advisor with the Carlyle Group. He has also served as vice chairman and chief financial officer of U.S. Bancorp, and has held senior positions with a number of other banking institutions including Firstar Corporation, Bank of America, Security Pacific, Sooner Federal Bank & Trust Co., and First National Bank & Trust Co.