Valley National Bancorp.
VLY.US | Other monetary intermediation
Valley National Bancorp is a bank holding company. It provides a range of commercial and retail banking services through its subsidiary, Valley National Bank. These services include deposit accounts, loans (commercial, real estate, and consumer), and other financial products. The bank operates throu...Show More
Better Health for All
0
No evidence available to assess Valley National Bancorp on Better Health for All.
Fair Money & Economic Opportunity
-30
Valley National Bancorp's 2024 community development loans for affordable housing, small business loans for underserved areas, and residential mortgages for affordable housing total $1.566 billion.
1
This represents approximately 2.53% of the company's Q3 2024 total assets of $62 billion.
2
The company received a "Satisfactory" Community Reinvestment Act (CRA) rating in September 2023, and no specific regulatory penalties or violations were mentioned in 2024.
3
While financial literacy initiatives are mentioned, no specific details on their reach or outcomes are provided.
Fair Pay & Worker Respect
0
For Fiscal Year 2024, the CEO's total compensation was $6,105,068, while the median employee compensation was $76,462, resulting in a CEO to median employee pay ratio of 80:1.
1
Fair Trade & Ethical Sourcing
0
Valley National Bancorp is a bank holding company providing financial services. The provided articles, including the 2024 and 2022-2023 Sustainability/ESG reports, do not contain any data or information regarding fair trade certifications, supplier audit frequency, forced or child labor incidents, supply chain traceability, remediation speed for sourcing violations, ethical sourcing clauses in supplier contracts, or the use of high-risk materials.
1
As a financial institution, the company does not procure or trade physical commodities, nor does it have a supply chain that would typically require welfare or sourcing audits in the context of fair trade and ethical sourcing. Therefore, all KPIs related to this value are scored as N/A.
Honest & Fair Business
-40
The company has an Anti-Bribery and Anti-Corruption Corporate Compliance Program (ABAC Compliance Program) with a zero-tolerance policy for bribery and corruption, prohibiting improper payments to foreign officials and requiring accurate record-keeping, risk-based due diligence, and reporting of potential violations.
1
The General Counsel oversees this program.
2
The company also has a whistleblower policy that includes provisions for confidential and anonymous reporting of potential violations, with a prohibition on retaliation and includes investigation protocols.
3
Violations of the anti-corruption policy or applicable laws result in disciplinary action, up to and including termination.
4
Kind to Animals
0
No specific data or information regarding VLY.US's performance on animal welfare, animal testing, sourcing practices, conservation efforts, or related policies could be found in the provided articles.
1
Therefore, no KPIs can be scored against the 'Kind to Animals' value.
No War, No Weapons
0
The provided articles, primarily the company's Code of Conduct and Ethics, do not contain specific, quantifiable evidence related to any of the KPIs under the 'No War, No Weapons' ethical value. While general commitments to compliance with laws and ethical conduct are mentioned, there is no information on revenue from arms contracts, dual-use technologies, sales to embargoed regimes, peacebuilding investments, divestment policies, board oversight of defense, export controls, lobbying on arms control, humanitarian procurement, human rights due diligence in conflict areas, Arms Trade Treaty compliance, AI military safeguards, UN Guiding Principles alignment, dual-use screening, surveillance transparency, ethical red lines for weapons, exposure to controversial weapons, war-risk audits, conflict partner reviews, defense divestment, conflict minerals, peace tech investment, conflict zone procurement, or ethical red line compliance rates.
1
Planet-Friendly Business
0
No evidence available to assess Valley National Bancorp on Planet-Friendly Business.
Respect for Cultures & Communities
10
Valley National Bancorp maintains numerous formal partnerships, with 59 employees holding leadership positions across 74 community development organizations in the NY-NJ MMSA, and a total of 164 leadership positions across various community development organizations in multiple regions.
1
The company also lists over 20 specific community-based organization partnerships.
2
In 2024, Valley donated over $5.6 million in total charitable giving, with approximately $90,000 specifically directed to an organization supporting cultural values and heritage.
3
The company supported the Language of Capital (LOC) program for Newark entrepreneurs, provided financial literacy translation, and supported Dress for Success's first Spanish Virtual Job Search Program, indicating limited local language incorporation.
4
The company has Community Advisory Boards in New Jersey, New York, Florida, and Alabama, which assist in enhancing effectiveness in reaching LMI individuals and promoting economic development.
5
Safe & Smart Tech
-20
Valley National Bancorp experienced a data breach in August 2023, impacting approximately 873,000 individuals.
1
This breach, caused by a third-party MOVEit Transfer software vulnerability, resulted in the leakage of sensitive personal identifiable information including names, Social Security numbers, and addresses.
2
An investigation was launched, and affected users were notified.
3
The company also filed a notice with the Texas Attorney General on July 25, 2023, regarding unauthorized access to consumer data including names, Social Security numbers, and addresses.
4
The company's information security program is based on the NIST framework, with Board oversight and a dedicated Cyber & Technology Risk Subcommittee.
5
Policies and procedures include encryption, multi-factor authentication, and vulnerability assessments.
6
Mandatory annual cybersecurity training is provided to all employees, with additional role-based training.
7
Incident response and recovery plans are maintained and regularly evaluated.
8
External consultants conduct assessments, audits, and reviews, and regular security audits are conducted.
9
Multi-factor authentication has been introduced for online banking, and advanced encryption techniques are implemented.
10
The company has a vulnerability management program that includes assessments and patching of servers, but a critical vulnerability in third-party software led to a breach.
11
The company is subject to stringent compliance requirements under the OCC and Federal Reserve and filed a notice of data breach with the Texas Attorney General.
12
Zero Waste & Sustainable Products
0
No evidence available to assess Valley National Bancorp on Zero Waste & Sustainable Products.