Fair Money & Economic Opportunity

Carver Bancorp is under a regulatory agreement with the Office of the Comptroller of the Currency (OCC) as of May 14, 2025, mandating operational and financial reforms, including a three-year strategic plan due by July 13, 2025.

Despite this, the company has consistently received an "Outstanding" Community Reinvestment Act (CRA) rating. Approximately 80 cents of every dollar deposited is reinvested in the communities it serves. The bank serves low- to moderate-income neighborhoods in the greater New York City region, but the specific percentage of service points in these areas is not provided, only that it serves these neighborhoods.

Fair Pay & Worker Respect

Employee engagement, based on Indeed.com reviews from 2016-2022, shows an overall rating of 3.4 out of 5 stars.

Glassdoor reviews indicate an overall rating of 3.05 out of 5 stars, with 56% of employees recommending the company and 52% approving of the CEO. Employee comments on Indeed.com highlight concerns regarding pay, raises, and benefits, with this category specifically rated 2.9 out of 5 stars. The CEO's total compensation in 2019 was US$384k, which was below the median of US$520k for a group of similar-sized companies. However, median employee compensation data is not available, preventing calculation of the CEO to median pay ratio. No specific data is provided for living wage coverage, collective bargaining share, safety incident rate, pay equity ratio, employee turnover rate, labor violation incidents, insecure contract share, or health insurance coverage.

Honest & Fair Business

Carver Bancorp has a formal Whistleblower Policy that protects employees, contractors, and subcontractors from retaliation for reporting violations of federal securities law, SEC rules, or federal fraud laws.

This policy complies with the Corporate and Criminal Fraud Accountability Act of 2002, Dodd-Frank Wall Street Reform and Consumer Financial Protection Act, and New York Labor §740. A compliance line is available for reporting, and the Internal Audit Department performs an annual independent test of the hotline's effectiveness. The company's board of directors has 90% independent nominees. For 2019, 100% of the fees for the independent registered public accounting firm, KPMG, were pre-approved by the Audit Committee. The company has a cash recoupment policy that allows clawbacks of cash incentive awards if an employee engages in conduct materially adverse to the company’s interests, including fraud or conduct contributing to financial restatements, within three years of the award date.

Kind to Animals

Carver Bancorp, Inc. operates as a financial institution, providing banking products and services.

Its core business model does not involve activities such as manufacturing products, conducting animal testing, operating animal agriculture, or sourcing animal-derived ingredients. Therefore, all KPIs related to animal welfare, testing, and sourcing are not applicable to the company's operations, as confirmed by the absence of relevant data in the provided articles.

No War, No Weapons

Carver Bancorp, Inc. operates as a federally chartered savings bank, providing banking products and services.

Its core business activities do not involve defense or arms-related activities, dual-use technology, or sales to embargoed regimes. The company supports community development and minority-owned businesses through its Corporate Contributions Program. This includes a Minority Women-Owned Business Pitch Competition, which awarded $5,000 each to two businesses focused on sustainability in September 2022, totaling $10,000. With a 2025 TTM revenue of $23.11 million, this represents approximately 0.043% of revenue, which falls below the 0.5% threshold for peacebuilding initiatives.

Respect for Cultures & Communities

Carver Bancorp reinvests approximately 80 cents of every dollar deposited back into the communities it serves, significantly exceeding the 15% threshold for top performance.

The company has consistently received an 'Outstanding' rating from the OCC for its Community Reinvestment Act (CRA) performance, including for 2022-2024, indicating a strong social license to operate. Approximately 88% of its staff are people of color, and 52% are female. The Carver Community Development Corporation (CCDC) has contributed $149 million in New Markets Tax Credits and over $259 million in leveraged loans to community development. While a customer service email is provided, there is no specific tracking of community complaint resolution times or dedicated community-specific grievance mechanisms, and no complaints were received during 2022-2024. The company announced a Board Modernization Initiative in November 2025, aiming for comprehensive governance enhancements, but specific community representation percentages are not provided.

Safe & Smart Tech

Carver Bancorp experienced an unauthorized access incident between May 12 and June 1, 2021, resulting in a $2.1 million loss from a borrower's account.

The company's privacy policy states that customers cannot limit the sharing of their data for everyday business, marketing, or joint marketing purposes, indicating no meaningful user control over personal data. The bank advises users to install software updates promptly to patch known security vulnerabilities, but critical vulnerabilities are patched within 30-45 days on average. Carver's security measures comply with federal law, and it reports cybersecurity risk management to the Board monthly, but has experienced cybersecurity threats and has a basic compliance approach with some gaps. The bank requires users to use a 128-bit encrypted browser when accessing accounts online. Carver uses algorithm-based software in its microloan program but has no formal AI ethics policy, no formal audit process for AI systems, and no information provided about algorithmic factors or how algorithmic harm complaints are addressed.

Zero Waste & Sustainable Products

No specific, quantitative evidence was found in the provided articles to assess Carver Bancorp, Inc. against any of the 'Zero Waste & Sustainable Products' KPIs. The articles contain general statements about promoting reuse, recycling, and waste minimization, embedding environmentally friendly design principles, developing Environmental Product Declarations (EPDs), working with suppliers on sustainable practices, and initiating local waste reduction actions.

However, these statements lack the concrete numbers, percentages, or specific outcomes required by the rubric's quantitative thresholds for scoring.