| NYCB Was Gifted Signature
Bank Barney Frank and Cephas on
Board Now CEO Out
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH BRONX /
SDNY, Feb 29 – 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.
On February 29, NYCB's long time
CEO Thomas Cangemi was out and
NYCB said it had "identified
material weaknesses." Why didn't
the regulators identify them, as
Fair Finance Watch protested
Flagstar, and on Signature?
We'll have more on this.
***
Your
support means a lot. As little as $5 a month
helps keep us going and grants you access to
exclusive bonus material on our Patreon
page. Click
here to become a patron.
Feedback:
Editorial [at] innercitypress.com
SDNY Press Room 480, front cubicle
500 Pearl Street, NY NY 10007 USA
Mail: Box 20047, Dag
Hammarskjold Station NY NY 10017
Reporter's mobile (and weekends):
718-716-3540
Other, earlier Inner City Press are
listed here,
and some are available in the ProQuest
service, and now on Lexis-Nexis.
Copyright 2006-2023 Inner City
Press, Inc. To request reprint or other
permission, e-contact Editorial [at]
innercitypress.com
|
,
