| NYCB Was Gifted Signature Bank
Barney Frank and Cephas on Board Now
Down 60% Rogues
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH BRONX /
SDNY, Feb 3 – With no public
comment period, New York
Community Bank has been handed
the 40 branches of Signature
Bank, to re-open them as
braches of Flagstar, which
NYCB bought in a proceeding
delayed by fair lending
problems.
Back in
April 2021, Fair Finance Watch
and Inner City Press predicted
that the proposed merger of
New York Community Bank and
Flagstar would flounder, on
disparate lending and
regulatory evasions. And it
was delayed.
So, a fair
lending rogue benefited from a
bail out, or a bank with a
former NYS Banking
Superintendent Derrick Cephas,
and Barney Frank, on its board
of directors.
Jump cut to early February
2024 and NYCB's stock price fell
by 60%, Valley National down
too. We'll have more on this.
***
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