Special Report: Global Financial Crisis

    WASHINGTON, Dec. 22 (Xinhua) -- The Federal Reserve said Monday it has approved commercial financial services firm CIT Group as a bank holding company.

    "In light of the unusual and exigent circumstances affecting the financial markets, and all other facts and circumstances, the (Federal Reserve) Board has determined that emergency conditions exist that justify expeditious action on this proposal," the U.S. central bank said in a statement.

    CIT, with total consolidated assets of approximately 80.8 billion dollars, provides a variety of commercial financing and leasing products and services.

    The Fed's decision will allow the New York-based company to have permanent access to the central bank's emergency loan window.