In July, CIT Bank announced a $3.4 billion deal to merge with OneWest, the largest bank merger since Capital One’s $9 billion purchase of ING Direct in 2011. The merger would give CIT roughly $67 billion in assets, crossing the $50 billion threshold for a “systemically significant” institution, which triggers additional regulatory scrutiny. The bank received $2.3 billion in TARP funds, but the government rejected a bigger lifeline, and soon after, the bank fell into bankruptcy, the fifth largest in U.S.