New York Community Bank.
NYCB.US | Other monetary intermediation
New York Community Bancorp, Inc. (NYCB) is a bank holding company. Through its bank subsidiary, New York Community Bank, it operates with a focus on multi-family lending, with emphasis on rent-regulated apartment buildings, and commercial real estate lending, serving the New York City metropolitan a...Show More
Better Health for All
0
No evidence available to assess New York Community Bank on Better Health for All.
Fair Money & Economic Opportunity
-10
NYCB received an outstanding Community Reinvestment Act (CRA) rating.
1
The company's Roslyn Savings Bank Division volunteers conducted a financial literacy seminar series for a group of ten people with intellectual and developmental disabilities in Freeport, NY, from April 18 to May 23, 2018.
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The seminars covered goal setting, financial stability, savings, credit, and personal coaching.
3
Fair Pay & Worker Respect
-10
NYCB.US has an overall employee rating of 3.1 out of 5 stars, which translates to 62% satisfaction.
1
This indicates lukewarm staff morale. Employee reviews highlight significant concerns including low pay increases, poor management, limited growth opportunities, understaffing, and inadequate benefits such as health insurance and 401(k) matching.
2
The compensation and benefits rating specifically decreased by 1% in the last 12 months to 2.7 out of 5 stars.
3
No specific regulatory actions, violations, fines, or compliance issues related to labor law or human rights are mentioned for NYCB.US.
4
Fair Trade & Ethical Sourcing
0
No specific, quantifiable evidence was found in the provided articles for any of the KPIs related to Fair Trade & Ethical Sourcing. While NYCB, through its subsidiary Flagstar, states a commitment to working with diverse suppliers and has a target to direct 20% of certain expenditures to minority- and/or women-owned businesses by the end of 2024
1
, this is a future pledge and not current performance. Policy statements against child labor and expectations for vendor conduct are mentioned
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, but no data on incidents, audit frequency, traceability, or contractual coverage is provided.
Honest & Fair Business
-40
NYCB restated its fourth-quarter losses by $2.7 billion,
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attributing $2.4 billion to goodwill impairment
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and identifying material weaknesses in internal controls over financial reporting.
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These controls were deemed ineffective as of December 31, 2023,
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specifically due to inadequate oversight, risk assessment, and monitoring of loan reviews.
5
The company maintains a comprehensive whistleblower policy, last updated in December 2023,
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which covers all employees and vendors,
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provides anonymous reporting,
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and prohibits retaliation.
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However, in 2017, NYCB terminated employees who had filed SOX whistleblower complaints,
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though these complaints were later dismissed by OSHA.
11
Additionally, NYCB's Code of Business Conduct and Ethics, approved in December 2022,
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mandates ethical conduct and conflict of interest avoidance but does not provide specific guidance on anti-bribery measures like facilitation payments or gift thresholds.
13
Allegations of a scheme involving cash kickbacks among employees have also been noted.
14
Kind to Animals
0
No evidence was found in the provided articles to assess NYCB.US against any of the 'Kind to Animals' KPIs. The company's core business as a bank does not typically involve activities such as product manufacturing, animal testing, direct animal agriculture, or sourcing of animal products, which are the focus of these KPIs. The articles discuss general banking activities, ESG reports focusing on carbon footprint and community investments, and shareholder proposals at other banks regarding animal welfare in financing, but none provide specific, concrete data points for NYCB.US relevant to the defined animal welfare metrics.
No War, No Weapons
0
No evidence available to assess New York Community Bank on No War, No Weapons.
Planet-Friendly Business
-50
NYCB released an inaugural TCFD report, indicating alignment with TCFD recommendations, but the report does not include climate scenario analysis.
1
No environmental compliance violations, regulatory actions, or fines were mentioned.
2
While its subsidiary, Flagstar Bank, reported a 34% reduction in Scope 1 and 2 greenhouse gas emissions in 2023, this data is specific to the subsidiary and not provided for NYCB.US as a whole.
3
Respect for Cultures & Communities
50
NYCB partnered with the National Community Reinvestment Coalition (NCRC) and nearly 80 of its member organizations.
1
This demonstrates a significant number of formal partnership agreements with local community groups.
Safe & Smart Tech
-10
The company maintains a comprehensive information/cybersecurity program (ICP) and enterprise risk management (ERM) program, which are approved by the Board of Directors or its committees annually.
1
These programs are designed to identify and mitigate risks, align with industry best practices and regulatory guidelines, and leverage frameworks like NIST Cybersecurity.
2
The company's Chief Information Security Officer (CISO) reports to the Chief Risk Officer
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and has over 15 years of experience in the financial sector.
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The company is subject to extensive federal and state regulations, including GLBA, CCPA, and GDPR,
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and maintains a strong compliance program, proactively addressing major requirements.
6
During the reporting period, the company did not experience any cybersecurity incidents materially affecting the Bank.
7
However, Lake Shore Savings Bank, a NYCB.US entity, disclosed a data breach in November 2021,
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involving unauthorized access to customer names, addresses, and account numbers,
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with no evidence of misuse.
10
This constitutes a rare incident of unauthorized data use.
11
For user data control, the company enables retail customers to opt out of sharing certain information for marketing purposes, which is an industry-standard practice mandated by the GLBA.
12
Zero Waste & Sustainable Products
0
No data is provided in the articles regarding waste diversion rates, product recyclability, packaging sustainability, recycled content, single-use plastic reduction, take-back programs, circular design principles, waste reduction initiatives, hazardous waste management, product durability, repairability scores, waste audit frequency, zero-waste certifications, waste disposal violations, material efficiency, packaging-to-product ratios, waste reduction targets, supplier waste requirements, or customer waste education programs for NYCB.US or its subsidiary Flagstar Bank. The articles primarily focus on greenhouse gas emissions reductions
1
, which are not relevant to the 'Zero Waste & Sustainable Products' value unless directly linked to waste management, which is not the case here.